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Mortgage Payment Calculator for Midland, TX
Local data pre-filled
The median home price in Midland, TX is $327,523, with an effective property tax rate of 1.90% — higher than the national average of 1.10%. We've pre-filled the calculator with local figures so your estimate reflects what buyers actually pay in Midland.
✓ Calculator below is pre-filled with Midland local data
Data as of · Sources: Zillow, Census ACS, Tax Foundation, Freddie Mac
Loading Mortgage Payment Calculator for Midland…
Texas Financial Snapshot (2026) — Mortgage Payment Calculator
Home value, monthly carrying cost, property tax, and insurance are the four levers for the mortgage payment calculator in Texas. Every row cites a primary public dataset. Numbers reflect the most recent vintage available; refresh cadence is documented in the methodology.
How the Mortgage Payment Calculator Math Works Under Texas Law
Every real-estate number on this page runs through the same core identity: the monthly principal-and-interest payment on a fully amortizing fixed-rate loan is M = P · r / (1 − (1+r)^(−n)), where P is the loan principal, r is the monthly rate (annual rate / 12), and n is the term in months. For a typical Texas buyer in 2026, P starts from an $295,000 median home value (Zillow ZHVI)[1], minus a standard 20% down payment.
On top of P&I the calculator adds the two Texas-specific carrying costs: property tax at the state effective rate of 1.80%[2] and homeowners insurance at roughly $4,240/year (NAIC state average)[3]. The Freddie Mac PMMS national average 30-year fixed rate (6.30% (Freddie Mac PMMS · week of ))[4] drives the payment curve — Texas rate quotes can move a few basis points around that number depending on lender, loan size, and credit band.
Calc-specific note: For a fully amortising 30-year fixed, plug Texas's ZHVI minus 20% down into the M = P·r/(1−(1+r)^−n) identity — output is principal + interest only.
Worked example — Texas
A Texas buyer purchasing the median home at $295,000 with 20% down ($59,000) borrows $236,000. At the PMMS 6.30% 30-year fixed, monthly P&I is $1,461. Add $443/month property tax (1.80% effective rate) and the typical Texas homeowners premium to reach full PITI.
Local context: Midland, TX
Housing economics in Midland, TX. The median home value runs 8.5% below the U.S. baseline for Midland, TX is $327,523 per Zillow's home-value index. Median rent runs $1,601 a month per Zillow ZORI, cheaper than the national $1,850 baseline. Effective property tax sits at 1.90% of assessed value, meaningfully higher than the 0.99% national average tracked by the Tax Foundation. Lenders in Midland, TX have quoted 6.30% on the 30-year fixed product over the trailing four-week window per Freddie Mac PMMS — the prevailing posted rate before any borrower-specific lock-ins.
Income and tax climate. Texas's top marginal state income tax bracket lands at 0.00% — one of nine states that levies no broad-based income tax, shifting the revenue burden onto sales, property, and severance levies. BEA's Regional Price Parity scores Midland, TX at 93.0 (national = 100), meaning a dollar in Midland, TX buys 108¢ — more goods and services than the same dollar nationally.
How Midland, TX's numbers shape the calculator. The mortgage payment, refinance, PMI, and home-affordability calculators all run on three local inputs that swing the answer materially: the prevailing 30-year fixed rate, the effective property tax rate as a share of home value, and the homeowners-insurance premium that the average policyholder is paying for the same coverage envelope. Midland, TX-specific values for each of those are pre-loaded above so the calculator's default scenario reflects what an actual buyer would see at closing, not a national average that smooths over the differences. Override any field to test a different scenario; the math reruns instantly in your browser without sending the inputs anywhere.
Local context as of 2026-05-31. Live data sources are listed in the Sources section below; each metric carries its own retrieval date.
Midland versus the U.S. baseline
How does Midland, TX stack up against the national average on the metrics that drive the calculators on this page? The table below pairs the Midland, TX-specific reading against the U.S. baseline so you can see at a glance whether your local scenario runs above or below typical. Three to five percentage points of difference on most of these inputs translates into meaningful changes in calculator output — for example, a 50-basis-point difference in mortgage rate moves the monthly payment on a $400,000 30-year loan by roughly $130.
| Metric | Midland, TX | U.S. baseline | Difference |
|---|---|---|---|
| Median home value[zillow] | $327,523 | $358,000 | -8.5% |
| Median monthly rent[zillow] | $1,601 | $1,850 | -13.5% |
| Property tax (effective)[tax-foundation] | 1.90% | 0.99% | 91.9% |
| State top marginal income tax[tax-foundation] | None | ~4.08% (volume-weighted) | −4.08 pp |
| State cost-of-living index[bea-rpp] | 93.0 | 100.0 | -7.0 pts |
How to use the Mortgage Payment Calculator
Walk through using the Mortgage Payment Calculator with Midland, TX-specific defaults pre-loaded from primary sources.
- Enter your Midland numbersFill in the mortgage payment inputs. Defaults reflect Midland, TX 2026: median home $327,523, median rent $1,601/mo, 1.90% effective property tax.
- Apply the local 2026 inputsThe median home value in Midland is $327,523 (Zillow ZHVI), with median monthly rent running $1,601/mo.
- Compare against Midland contextMonthly PITI on the $327,523 median home in Midland is ~$2,696/mo — vs a $1,601/mo median rent.
How Texas Compares to Neighboring States
Moving one state over changes the mortgage payment numbers. Compare median home value (Zillow ZHVI), top marginal income tax rate, effective property tax rate, and the BEA all-items Regional Price Parity across Texas and its border states.
| State | Median home | Top inc tax | Prop tax rate | RPP (US=100) |
|---|---|---|---|---|
| Texas (this page) | $295,000 | None | 1.80% | 97.1 |
| Arkansas equivalent | $198,000 | 3.90% | 0.64% | 86.8 |
| compare to Louisiana | $215,000 | 3.00% | 0.55% | 88.7 |
| New Mexico | $305,000 | 5.90% | 0.80% | 91.0 |
| Oklahoma equivalent | $205,000 | 4.75% | 0.90% | 88.7 |
Sources: Zillow ZHVI[1], state Departments of Revenue / Tax Foundation[2], Tax Foundation property taxes[3], BEA Regional Price Parities[4].
What Changes Your Result in Texas
- Down payment size:Texas's typical down payment is 10.0%according to NAR survey data. Every 5% shift changes the monthly P&I by roughly 5–6% of the headline payment.
- First-time buyer programs:Texas runs state-level first-time buyer programs (DPA, MCC) that can cut effective down payment costs by $5,000–$15,000 for qualifying buyers. See programs block below.
- County-level property tax variance:The state effective rate shown in the snapshot is a statewide weighted average. Within Texas, county rates can swing ±30% around the median, especially in border counties with differing school-district mill levies.
Related Calculations for Texas
These calculators share inputs with the mortgage payment formula, so pair them to pressure-test your answer from multiple angles.
- Texas's mortgage affordability rules — affordability is the flip side of monthly payment.
- Texas Property Tax Calculator — property tax is a line in the PITI payment.
- home insurance estimator costs in Texas — homeowners insurance is the third line in PITI.
- Texas pmi removal numbers for 2026 — PMI is added when LTV > 80%.
- Texas extra mortgage payment rates — prepayments reshape the amortization schedule.
- Texas refinance savings numbers for 2026 — refinancing changes the payment you calculated.
How Midland Compares to the National Average
Understanding how Midland stacks up helps you calibrate your financial planning.
| Metric | Midland, TX | US Average | Difference |
|---|---|---|---|
| Median Home Price | $327,523 | $420,800 | -22.2% |
| Median Monthly Rent | $1,601 | $1,713 | -6.5% |
| Median Household Income | $93,442 | $74,580 | +25.3% |
| Property Tax Rate | 1.90% | 1.10% | +72.7% |
| Cost of Living Index | 93 | 100 | -7.0% |
Sources: U.S. Census Bureau, BLS, Zillow, NAR (2024–2025). Green = favorable for residents; red = less favorable.
Midland Financial Snapshot
- Population (Metro)
- 175,000
- Unemployment
- 3.6%
- Avg Commute
- 19 min
- Median Age
- 32.5
- Price-to-Rent Ratio
- 17.0x
- Annual Property Tax
- $6,223
More Financial Calculators for Midland, TX
Mortgage Payment Calculator in Other Texas Cities
Frequently Asked Questions — Midland
- Can median-income households afford the median home in Midland?
- With a ~$2,696 monthly PITI and $93,442 median income, housing would consume ~34.6% of gross annual income. Qualifying under the 28% DTI rule requires ~$115,543 in annual income. Educational reference only.
- Is it better to rent or buy in Midland?
- Midland's price-to-rent ratio (17.0x) is roughly neutral — in the 15-20x range the decision depends on time horizon and wealth goals.
- What is the annual property tax bill on the median home in Midland?
- Approximately $6,223/yr at the 1.90% effective rate on the $327,523 median home. The national average effective rate is 1.07%.
- What share of median income goes to rent in Midland?
- The $1,601/mo median rent represents 20.6% of the $93,442 median household income. The recommended housing cost threshold is 30%; Midland falls within that guideline. Educational reference only.
- How much does commuting cost in Midland?
- Average commute time in Midland is 19 minutes per ACS. Estimated annual commute cost runs about $3,310 — a cost frequently overlooked when calculating true household affordability. Educational reference only.
- How does the cost of living in Midland compare to the national average?
- Midland's BEA RPP index is 93, 7% below the national baseline of 100. For a household earning the national median income of $77,540, this translates to ~$5,428/yr in purchasing power difference. Educational reference only.
- What is the median home price in Midland, TX?
- The median home price in Midland is $327,523 as of 2025–2026.
- What is the average rent in Midland?
- The median monthly rent in Midland, TX is $1,601.
- Where does Midland data on this page come from?
- Midland numbers are pulled from Zillow ZHVI/ZORI (home values, rent), the U.S. Census Bureau ACS (income, demographics), and Tax Foundation (property tax). Each value is timestamped on the page.
- How often is the Midland mortgage payment updated?
- Source feeds (Zillow, Freddie Mac PMMS, Census ACS) are refreshed on their native cadence — hourly for mortgage rates, monthly for ZHVI/ZORI, annually for ACS. Page caches revalidate every 24 hours via Next.js ISR.
- Does the mortgage payment replace professional advice?
- No. This calculator gives educational estimates using public Midland data and standard formulas. It is not personalized tax, legal, or investment advice. Consult a licensed professional for decisions with material consequences.
Texas State Context
Texas Real Estate Tips
Texas has no state income tax, but property taxes average 1.80% — among the highest nationally. On a $340K median home, that's ~$6,120/year.
Texas homestead exemption provides $100,000 off assessed value for school district taxes, saving homeowners $1,000+/year.
Texas does not allow home equity cash-out refinances to exceed 80% LTV — a unique state restriction that limits HELOC and cash-out options.
TDHCA (Texas Department of Housing and Community Affairs) offers My First Texas Home with up to 5% in DPA.
Texas Homebuyer Programs
- ✓My First Texas Home — 30-year fixed-rate mortgage with up to 5% DPA as a deferred, forgivable second lien.
- ✓My Choice Texas Home — DPA for repeat buyers (not just first-time) at up to 5% of loan amount.
- ✓Texas Mortgage Credit Certificate — federal tax credit of up to $2,000/year on mortgage interest paid.
Statewide Texas figures apply broadly across Midland. County- and city-level variation can be significant — verify against local sources before closing a transaction. [3]
How we compute this — methodology
The Midland page uses local median home price ($327,523), median rent ($1,601/mo), and property tax rate (1.90%) alongside the calculator's client-side formula. Calculations run in your browser — no inputs are sent to a server.
Refresh cadence:home price (Zillow ZHVI) and rent (Zillow ZORI) are reviewed monthly when the source publishes. Property tax and cost-of-living figures refresh annually. The page's dateModified reflects the most recent retrievedAt across every sourced value rendered above.
Known limits: ZIP-level variance within Midland can be substantial — the figures shown are city-wide medians. For a precise property tax quote, consult your county assessor.
Sources
- Zillow Research — ZHVI (Zillow Home Value Index) + ZORI (Zillow Observed Rent Index), city-level. zillow.com/research/data. Retrieved 2026-04-19.
- U.S. Census Bureau — American Community Survey (ACS) 5-year estimates for median household income and population. census.gov/programs-surveys/acs.
- CalcFi state financial context — tips + first-time homebuyer programs compiled from each state's Housing Finance Authority (HFA) public pages. See
src/data/state-financial-context.ts. - Tax Foundation — state property tax effective rates and state/local sales tax rates. taxfoundation.org.
- Freddie Mac Primary Mortgage Market Survey (PMMS) — weekly national mortgage rate averages used by mortgage-related calculators. freddiemac.com/pmms.
- Freddie Mac Primary Mortgage Market Survey (PMMS) — weekly national mortgage rates — www.freddiemac.com/pmms. Retrieved 2026-04-19.
- NAIC Dwelling Fire, Homeowners Owners, and Homeowners Tenants Insurance Report — content.naic.org/article/homeowners-insurance-report. Retrieved 2026-04-19.
- HUD Fair Market Rents — 50th-percentile 2-bedroom FY — www.huduser.gov/portal/datasets/fmr.html. Retrieved 2026-04-19.
- State Departments of Revenue — official bracket + deduction publications (one primary URL per state; linked in the brackets table below) — taxfoundation.org/data/all/state/state-income-tax-rates. Retrieved 2026-04-19.
- Bureau of Economic Analysis — Regional Price Parities by State — www.bea.gov/data/prices-inflation/regional-price-parities-state-and-metro-area. Retrieved 2026-04-19.
- U.S. Department of Labor — State Minimum Wage Laws — www.dol.gov/agencies/whd/minimum-wage/state. Retrieved 2026-04-19.
- FRED (Federal Reserve Economic Data) — real median household income, unemployment, HPI, LFPR per state — fred.stlouisfed.org. Retrieved 2026-04-19.
- BLS Occupational Employment and Wage Statistics (OEWS) — state-level occupational wages — www.bls.gov/oes. Retrieved 2026-04-19.
Spot an error? Email hello@calcfi.app with the URL and the correct figure.
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National reference: Mortgage Payment Calculator