Can I Afford a $250K Home in Texas?
Complete mortgage breakdown for a $250,000 home in Texas, including monthly payments, property taxes, insurance, and the salary you need to qualify.
Estimated Monthly Payment (20% down)
$1,931/mo
P&I: $1,314 + Tax: $333 + Insurance: $283
Monthly Payment by Down Payment
| Down Payment | Amount | Monthly | Income Needed |
|---|---|---|---|
| 3% | $7,500 | $2,311 | $99,033 |
| 5% | $12,500 | $2,276 | $97,536 |
| 10% | $25,000 | $2,189 | $93,793 |
| 20% | $50,000 | $1,931 | $82,737 |
Monthly Cost Breakdown (Texas)
Principal & Interest
$1,314/mo
Property Tax (1.6%)
$333/mo
Homeowners Insurance
$283/mo
Total Interest (30-yr)
$272,989
Affordability Rules of Thumb
28% Rule (Housing)
$82,737/yr
Minimum gross income
36% Rule (All Debt)
$64,351/yr
If no other debt
3Ã Income Rule
$83,333/yr
Conservative target
Buying a $250K Home in Texas
A $250,000 home in Texas is at or below the national median home price. With a 20% down payment of $50,000, your estimated monthly payment of $1,931 is achievable on a salary of $82,737 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.