Can I Afford a $200K Home in Texas?
Complete mortgage breakdown for a $200,000 home in Texas, including monthly payments, property taxes, insurance, and the salary you need to qualify.
Estimated Monthly Payment (20% down)
$1,601/mo
P&I: $1,051 + Tax: $267 + Insurance: $283
Monthly Payment by Down Payment
| Down Payment | Amount | Monthly | Income Needed |
|---|---|---|---|
| 3% | $6,000 | $1,905 | $81,655 |
| 5% | $10,000 | $1,877 | $80,457 |
| 10% | $20,000 | $1,807 | $77,463 |
| 20% | $40,000 | $1,601 | $68,618 |
Monthly Cost Breakdown (Texas)
Principal & Interest
$1,051/mo
Property Tax (1.6%)
$267/mo
Homeowners Insurance
$283/mo
Total Interest (30-yr)
$218,391
Affordability Rules of Thumb
28% Rule (Housing)
$68,618/yr
Minimum gross income
36% Rule (All Debt)
$53,370/yr
If no other debt
3Ã Income Rule
$66,667/yr
Conservative target
Buying a $200K Home in Texas
A $200,000 home in Texas is at or below the national median home price. With a 20% down payment of $40,000, your estimated monthly payment of $1,601 is achievable on a salary of $68,618 or more. Texas's property tax rate of 1.6% is above average, which adds significantly to monthly costs.
These estimates assume a 6.875% 30-year fixed mortgage rate. Use our mortgage calculator for custom scenarios, or check what salary you can afford in Texas.