Can I Afford a $300K Home in Texas?
Complete mortgage breakdown for a $300,000 home in Texas, including monthly payments, property taxes, insurance, and the salary you need to qualify.
Estimated Monthly Payment (20% down)
$2,260/mo
P&I: $1,577 + Tax: $400 + Insurance: $283
Monthly Payment by Down Payment
| Down Payment | Amount | Monthly | Income Needed |
|---|---|---|---|
| 3% | $9,000 | $2,716 | $116,411 |
| 5% | $15,000 | $2,674 | $114,614 |
| 10% | $30,000 | $2,570 | $110,123 |
| 20% | $60,000 | $2,260 | $96,856 |
Monthly Cost Breakdown (Texas)
Principal & Interest
$1,577/mo
Property Tax (1.6%)
$400/mo
Homeowners Insurance
$283/mo
Total Interest (30-yr)
$327,586
Affordability Rules of Thumb
28% Rule (Housing)
$96,856/yr
Minimum gross income
36% Rule (All Debt)
$75,332/yr
If no other debt
3Ã Income Rule
$100,000/yr
Conservative target
Buying a $300K Home in Texas
A $300,000 home in Texas falls in the mid-range of the housing market. At $2,260/month with 20% down, you'll need a household income of about $96,856 to comfortably afford this home under the 28% rule. Property taxes in Texas (1.6%) add $400 monthly to your 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.