CALCMONEY // MORTGAGE REFINANCE // TX
Texas average rate: 6.90%. On the median loan of $272,000, a 1% rate drop saves $178/month and breaks even in 39 months.
Calculate Your Refinance6.90%
$340,000
$1,791
$6,800
| New Rate | New Monthly | Monthly Savings | Break-Even | 30yr Savings |
|---|---|---|---|---|
| 6.40% (save 0.5%) | $1,701 | $90/mo | 6yr 4mo | $25,606 |
| 5.90% (save 1.0%) | $1,613 | $178/mo | 3yr 3mo | $57,302 |
| 5.40% (save 1.5%) | $1,527 | $264/mo | 2yr 2mo | $88,250 |
The median home price in Texas is $340,000. At 80% LTV, the typical loan is $272,000 at the current 6.90% average rate, producing a monthly P+I payment of $1,791. Total interest over 30 years at this rate: $372,901.
Property taxes in Texas average 1.8% of assessed value, or $6,120 per year on the median home. This adds $510/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.
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