CALCMONEY // MORTGAGE REFINANCE // TX
Texas average rate: 6.76%. On the median loan of $241,445, a 1% rate drop saves $157/month and breaks even in 39 months.
Calculate Your Refinance6.76%
$301,806
$1,568
$6,036
| New Rate | New Monthly | Monthly Savings | Break-Even | 30yr Savings |
|---|---|---|---|---|
| 6.26% (save 0.5%) | $1,488 | $79/mo | 6yr 4mo | $22,557 |
| 5.76% (save 1.0%) | $1,411 | $157/mo | 3yr 3mo | $50,510 |
| 5.26% (save 1.5%) | $1,335 | $233/mo | 2yr 2mo | $77,790 |
The median home price in Texas is $301,806. At 80% LTV, the typical loan is $241,445 at the current 6.76% average rate, producing a monthly P+I payment of $1,568. Total interest over 30 years at this rate: $322,896.
Property taxes in Texas average 1.4% of assessed value, or $4,225 per year on the median home. This adds $352/month to your all-in housing cost. When evaluating a refinance, factor in property tax and insurance for a complete picture.
Texas has no state income tax, so there is no state-level mortgage interest deduction. The federal deduction still applies on loans up to $750,000 for itemizers.
Illinois
$299,900 median home
SCSouth Carolina
$307,777 median home
NDNorth Dakota
$293,741 median home
PAPennsylvania
$290,552 median home