Mortgage Calculator
Most calculators quote you principal and interest and call it a payment. In Texas that number is barely half the story — property taxes here run near two percent, and insurance is climbing. This one builds the whole payment: taxes at your county's actual rate, insurance, mortgage insurance and HOA dues, across every loan program worth comparing.
The default for most buyers. 3% down minimum; PMI applies under 20% down and falls off automatically at 78% loan-to-value.
The purchase
Minimum 3% down on Conventional at this occupancy. Only a primary residence gets the homestead exemption.
Conventional minimum is 3%.
The rate never changes. Principal and interest are the same in year thirty as in month one — only taxes and insurance drift. Costs more up front than an ARM and buys certainty for it. Most buyers should take this unless they have a specific reason not to.
Freddie Mac 30-year average, Aug 6, 2026. Your rate depends on credit, down payment and lock.
Where you're buying
Pick the county and the property tax estimate follows. These are the eleven counties MIGMA serves.
Travis County — about 1.99% combined, based on City of Austin + Austin ISD + Travis County + Central Health + ACC.
The qualifications
What a lender looks at besides the house. Nothing here is stored or sent anywhere.
Minimum payments only, not balances.
What lands in the debt column
Counts- · Car loans and leases, even with only a few payments left on a lease
- · Student loans — including deferred ones, at roughly 1% of balance on conventional, 0.5% on FHA
- · Credit-card minimum payments
- · Personal and installment loans
- · Child support and alimony paid
- · Loans you co-signed, unless someone else has made twelve months of payments
- · Other mortgages, HELOCs, and any negative cash flow on rentals
- · Timeshares, which are treated as mortgage debt
- · Collections and judgments that have a payment plan
- · Utilities, phone, internet and streaming
- · Groceries, fuel and childcare
- · Health, life and auto insurance
- · Medical bills with no payment plan
- · 401(k) loans — the agencies leave these out
- · 401(k) and retirement contributions
- · Installment debts with ten or fewer payments left
Cash and accessible accounts left once the down payment and closing costs are gone. Underwriters call this reserves and count it in months of payment; Conventional looks for about 2.
Income is before tax. 620 is the agency floor.
What a lender will count as income
Counts- · Base salary and hourly wages
- · Overtime, bonus and commission — averaged over two years
- · Self-employment and 1099, using net income from two years of returns
- · Rental income, usually at 75% of gross rents
- · Social Security, pension, disability and annuity income
- · Child support and alimony received, with a documented history
- · Military base pay plus BAH and BAS allowances
- · A second job or part-time work with a two-year history
- · Anything you cannot document — cash work, unreported tips
- · Income ending within three years, unless it is replaced
- · One-off bonuses with no history behind them
- · Gift funds and expected inheritances — those are assets, not income
- · A roommate’s share of the rent
Non-taxable income — Social Security, VA disability, child support — is commonly grossed up 15–25% before the ratio is calculated, so it counts for more than its face value.
Enter a gross monthly income to see how this payment sits against Conventional's debt-to-income ceilings.
The loan
Before closing
One-time costs, separate from the down payment.
Paid at execution for the termination option. Credited back at closing.
Commonly 1% of price. Held in escrow. Credited back at closing.
More with pool, septic or foundation add-ons.
Often collected at application.
Lender fees, title and prepaid escrows are separate again, and they are the larger number — commonly 2–5% of the price, weighted high in Texas because the tax reserve is big. A zero-down loan does not avoid them.
Run the real numbers
An estimate gets you oriented. Knowing what a specific house actually costs to own — the real tax bill, the real insurance quote, what a lender will actually approve — takes a conversation. That one is free.
Talk to MIGMAFor estimation only. This is not a loan offer, a rate quote, a pre-approval, or a commitment to lend, and MIGMA is not a lender or mortgage broker. Property tax figures are typical rates for each county and vary by city, school district, MUD and PID; insurance is a rough percentage of purchase price, not a quote. Mortgage insurance, agency fees and loan limits reflect published 2026 schedules and change. Verify every figure with a licensed lender and the county appraisal district before making a decision.