Mortgage Calculator Dallas, TX (2026)
Estimate your monthly mortgage payments in Dallas using local property tax rates and current Texas real estate data.
Monthly Payment Estimate for Dallas
Estimated Monthly Payment
Dallas Real Estate Market Overview
Buying a home in Dallas, Texas requires careful financial planning. With a median home price of $362,142 — lower than the national median of $412,000 — and an average 30-year mortgage rate of 7.15%, most buyers in Dallas can expect a monthly payment of approximately $2,446 on a 20% down payment.
Dallas's property tax rate of 1.6% adds approximately $483/month to your housing costs. Combined with homeowner's insurance, the total monthly housing expense for the median home in Dallas is approximately $3,080/month.
The real estate landscape in and specifically within Dallas limits has shown resilient trends. Local economic factors in Texas continue to drive demand, while inventory levels dictate the buyer market conditions residents are currently experiencing. Potential homeowners should also account for local Dallas utility costs and potential HOA fees which can vary significantly by neighborhood.
Affordability Analysis
Can you afford the typical home in Dallas based on the median income?
In Dallas, the median household income is $63,213. Based on your calculated monthly payment of , this represents of the median local income.
How Much House Can You Afford in Dallas?
Determining your budget in Dallas depends on several factors beyond just the purchase price. Lenders typically look at your Debt-to-Income (DTI) ratio. In Dallas, with a median household income of $63,213, local banks generally prefer a total housing payment that stays below $1,475 per month.
If you are earning the median income for Dallas, you might find that homes priced between $189,640 and $284,460 are within your "comfortable" to "stretch" range. However, with the current Dallas median home value at $362,142, many first-time buyers are looking at creative financing options or larger down payments to keep monthly costs manageable.
Mortgage Rate Comparison: Dallas vs National Average
| Term | Dallas Average | National Average | Difference |
|---|---|---|---|
| 30-Year Fixed | 7.15% | 7.15% | 0.00% |
| 15-Year Fixed | 6.45% | 6.45% | 0.00% |
Mortgage rates in Dallas are currently 0 percentage points below the national average for a standard 30-year fixed-rate mortgage. Local rates are influenced by the state's economic conditions and lender competition within the Texas market.
Understanding Your Mortgage in Dallas, Texas
The local real estate market in Dallas is currently a buyer market, with homes selling in an average of 56 days. Home values have increased 6.3% over the past 12 months.
When calculating your affordability in Dallas, consider more than just the mortgage principal and interest. Your total monthly "PITI" (Principal, Interest, Taxes, and Insurance) should ideally not exceed 28% of your gross monthly income. In Dallas, where the median household income is $63,213, a recommended maximum monthly payment would be around $1,475.
Closing costs in Texas are another critical factor. Usually ranging from 2% to 5% of the loan amount, buyers in Dallas should expect to pay between $7,243 and $18,107 upfront. These costs cover title insurance, appraisal fees, and local Dallas government recording fees.
Choosing between a 15-year and 30-year mortgage in Dallas depends on your monthly cash flow. While a 15-year mortgage offers lower interest rates (currently around 6.45% locally), the monthly payments are significantly higher than the 30-year option at 7.15%.
Amortization Schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
* Schedule shows yearly totals. Total of 360 payments for 30-year term.
Ready to See Your Real Rate in Dallas?
Get pre-qualified in as little as 8 minutes with no impact to your credit score.
Get Pre-Qualified with Rocket Mortgage →Sponsored. Subject to credit approval. Rates are subject to change without notice.
Frequently Asked Questions — Mortgages in Dallas
What is the average mortgage payment in Dallas, TX?
Based on the median home price of $362,142 in Dallas with a 20% down payment and the current average rate of 7.15%, the estimated monthly mortgage payment is $1,957. This includes principal and interest only — adding property taxes (1.6%) and insurance brings the total to approximately $2,590/month.
What is the property tax rate in Dallas, TX?
The effective property tax rate in Dallas is 1.6%, which is higher than the national average of 1.07%. On a $362,142 home, you would pay approximately $5,794/year ($483/month) in property taxes.
Is Dallas a buyer's or seller's market?
Dallas is currently a buyer market. Homes are selling in an average of 56 days, and home prices have increased 6.3% over the past year.
What credit score do I need for a mortgage in Dallas?
Generally, you'll need a credit score of at least 620 for a conventional mortgage in Dallas. However, FHA loans may be available with scores as low as 580. A higher score typically results in a lower interest rate, which can significantly reduce your monthly payment on a $362,142 home.
How much do I need for a down payment in Dallas?
For the median home price of $362,142 in Dallas, a 20% down payment would be $72,428. However, many programs allow for lower down payments, such as 3.5% for FHA ($12,675) or 3% for some conventional loans ($10,864).
What are closing costs in Dallas, TX?
Closing costs in Dallas typically range from 2% to 5% of the home's purchase price. For a $362,142 home, you should budget between $7,243 and $18,107 to cover origination fees, title insurance, and other administrative costs.