Mortgage Payment Calculator
Estimate your monthly payment by loan type with real state property tax rates. Compare Conventional, FHA, VA, and USDA side by side.
Mortgage Payment Calculator
Compare Loan Types with Real Tax Rates
Select your loan type to see how down payment requirements, mortgage insurance, and funding fees differ. Property tax is calculated using your state's actual effective tax rate from the Tax Foundation/Census Bureau. All loan rules sourced from FHA.com, VA.gov, and USDA Rural Development.
Standard mortgage backed by Fannie Mae or Freddie Mac. Best rates with 20%+ down and 740+ credit. PMI required below 20% down.
Loan Details
Location & Additional Costs
Using Texas state average: 1.63% = $5,705/year ($475/mo)
Select your county above for a more accurate property tax estimate. Rates vary significantly by county.
Conventional Loan — Estimated Monthly Payment
$2,370
30-year fixed at 6.5% in Texas
Conventional Loan Summary
Did you know? According to the CFPB, a 0.5% difference in your mortgage interest rate on a $350,000 loan adds up to more than $37,000 in additional interest over 30 years. Shopping multiple lenders is one of the most impactful financial decisions you can make.
Detailed Analysis: Your Conventional Loan
Cash Needed at Closing
Mortgage Insurance
No mortgage insurance required with 20% down.
Property Tax: Texas
1.63%
State Avg Rate
$5,705
Annual Tax
$475
Monthly (in escrow)
Using state average. Select your county above for a more accurate estimate. County rates in Texas range from 1.68% to 2.05%.
Sources: Tax Foundation, Census Bureau ACS (2024), county tax assessor data via tax-rates.org
Total Payments (5 years)
$142,212
Total Payments (30 years)
$853,275
Total Interest Paid
$357,125
Loan Type Comparison at $350,000
| Feature | Conventional | FHA | VA | USDA |
|---|---|---|---|---|
| Min Down Payment | 3% | 3.5% | 0% | 0% |
| Min Credit Score | 620 | 580 | None (620+ typical) | 640 |
| Upfront Fee | None | 1.75% | 2.15% | 1% |
| Monthly MI Rate | 0.5%/yr | 0.55%/yr | None | 0.35%/yr |
| MI Removable? | Yes | No* | Yes | No* |
| Max DTI | 45% | 43% | 41% | 41% |
| Loan Limit (2025) | $806,500 | $524,225 | No limit | No limit |
Click any row for detailed explanation • Click a column header to select that loan type
* FHA MIP is permanent for most loans (LTV > 90% at origination). USDA guarantee fees are for the life of the loan. Sources: FHA.com, VA.gov, USDA Rural Development, Fannie Mae
Quick Scenarios
Click a scenario to instantly populate the calculator and see estimated payments.
* This calculator provides estimates only. Actual payments vary by lender, credit score, location, and loan terms. Property tax rates are state averages — your actual tax depends on county and local assessments. Consult a mortgage professional for exact figures. Sources: Tax Foundation, Census Bureau, FHA.com, VA.gov, USDA.gov, Fannie Mae.
