Can I Afford a $100K Home in Texas?
Complete mortgage breakdown for a $100,000 home in Texas, including monthly payments, property taxes, insurance, and the salary you need to qualify.
Estimated Monthly Payment (20% down)
$942/mo
P&I: $526 + Tax: $133 + Insurance: $283
Monthly Payment by Down Payment
| Down Payment | Amount | Monthly | Income Needed |
|---|---|---|---|
| 3% | $3,000 | $1,094 | $46,899 |
| 5% | $5,000 | $1,080 | $46,300 |
| 10% | $10,000 | $1,045 | $44,803 |
| 20% | $20,000 | $942 | $40,380 |
Monthly Cost Breakdown (Texas)
Principal & Interest
$526/mo
Property Tax (1.6%)
$133/mo
Homeowners Insurance
$283/mo
Total Interest (30-yr)
$109,195
Affordability Rules of Thumb
28% Rule (Housing)
$40,380/yr
Minimum gross income
36% Rule (All Debt)
$31,407/yr
If no other debt
3Ã Income Rule
$33,333/yr
Conservative target
Buying a $100K Home in Texas
A $100,000 home in Texas is at or below the national median home price. With a 20% down payment of $20,000, your estimated monthly payment of $942 is achievable on a salary of $40,380 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.