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Refinance Savings Calculator for Killeen, TX
Local data pre-filled
With Killeen's median home valued at $251,492 and a 1.80% property tax rate, refinancing could save you hundreds per month depending on your current rate. Calculate your break-even point and total savings for a Killeen refinance.
✓ Calculator below is pre-filled with Killeen local data
Data as of · Sources: Zillow, Census ACS, Tax Foundation, Freddie Mac
Texas Financial Snapshot (2026) — Refinance Savings Calculator
Home value, monthly carrying cost, property tax, and insurance are the four levers for the refinance savings calculator in Texas.
How the Refinance Savings 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: Break-even months = closing ÷ monthly savings. If you plan to stay past that point, refi wins.
Local context: Killeen, TX
Housing economics in Killeen, TX. The median home value runs 29.8% below the U.S. baseline for Killeen, TX is $251,492 per Zillow's home-value index. Median rent runs $1,326 a month per Zillow ZORI, cheaper than the national $1,850 baseline. Effective property tax sits at 1.80% of assessed value, meaningfully higher than the 0.99% national average tracked by the Tax Foundation.
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 Killeen, TX at 88.0 (national = 100), meaning a dollar in Killeen, TX buys 114¢ — more goods and services than the same dollar nationally.
Local context as of 2026-04-19.
Killeen versus the U.S. baseline
| Metric | Killeen, TX | U.S. baseline | Difference |
|---|---|---|---|
| Median home value[zillow] | $251,492 | $358,000 | -29.8% |
| Median monthly rent[zillow] | $1,326 | $1,850 | -28.3% |
| Property tax (effective)[tax-foundation] | 1.80% | 0.99% | 81.8% |
| State top marginal income tax[tax-foundation] | None | ~4.08% (volume-weighted) | −4.08 pp |
| State cost-of-living index[bea-rpp] | 88.0 | 100.0 | -12.0 pts |
How to use the Refinance Savings Calculator
Walk through using the Refinance Savings Calculator with Killeen, TX-specific defaults pre-loaded from primary sources.
- Enter your Killeen numbersFill in the refinance savings inputs. Defaults reflect Killeen, TX 2026: median home $251,492, median rent $1,326/mo, 1.80% effective property tax.
- Apply the local 2026 inputsThe median home value in Killeen is $251,492 (Zillow ZHVI), with median monthly rent running $1,326/mo.
- Compare against Killeen contextMonthly PITI on the $251,492 median home in Killeen is ~$2,132/mo — vs a $1,326/mo median rent.
How Texas Compares to Neighboring 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 |
| see Louisiana | $215,000 | 3.00% | 0.55% | 88.7 |
| New Mexico side-by-side | $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
- Texas's mortgage payment rules — refinancing changes the payment you calculated.
- HELOC Calculator for Texas — cash-out refi vs HELOC is the same decision.
How Killeen Compares to the National Average
Understanding how Killeen stacks up helps you calibrate your financial planning.
| Metric | Killeen, TX | US Average | Difference |
|---|---|---|---|
| Median Home Price | $251,492 | $420,800 | -40.2% |
| Median Monthly Rent | $1,326 | $1,713 | -22.6% |
| Median Household Income | $67,203 | $74,580 | -9.9% |
| Property Tax Rate | 1.80% | 1.10% | +63.6% |
| Cost of Living Index | 88 | 100 | -12.0% |
Sources: U.S. Census Bureau, BLS, Zillow, NAR (2024–2025). Green = favorable for residents; red = less favorable.
Killeen Financial Snapshot
- Population (Metro)
- 470,000
- Unemployment
- 4.2%
- Avg Commute
- 21 min
- Median Age
- 29.2
- Price-to-Rent Ratio
- 15.8x
- Annual Property Tax
- $4,527
More Financial Calculators for Killeen, TX
Refinance Savings Calculator in Other Texas Cities
Frequently Asked Questions — Killeen
- Can median-income households afford the median home in Killeen?
- With a ~$2,132 monthly PITI and $67,203 median income, housing would consume ~38.1% of gross annual income. Qualifying under the 28% DTI rule requires ~$91,371 in annual income. Educational reference only.
- Is it better to rent or buy in Killeen?
- Killeen's price-to-rent ratio (15.8x) 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 Killeen?
- Approximately $4,527/yr at the 1.80% effective rate on the $251,492 median home. The national average effective rate is 1.07%.
- What share of median income goes to rent in Killeen?
- The $1,326/mo median rent represents 23.7% of the $67,203 median household income. The recommended housing cost threshold is 30%; Killeen falls within that guideline. Educational reference only.
- How much does commuting cost in Killeen?
- Average commute time in Killeen is 21 minutes per ACS. Estimated annual commute cost runs about $3,658. Educational reference only.
- How does the cost of living in Killeen compare to the national average?
- Killeen's BEA RPP index is 88, 12% below the national baseline of 100. For a household earning the national median income of $77,540, this translates to ~$9,305/yr in purchasing power difference. Educational reference only.
- What is the median home price in Killeen, TX?
- The median home price in Killeen is $251,492 as of 2025–2026.
- What is the average rent in Killeen?
- The median monthly rent in Killeen, TX is $1,326.
- Does the refinance savings replace professional advice?
- No. This calculator gives educational estimates using public Killeen 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 Killeen. County- and city-level variation can be significant — verify against local sources before closing a transaction. [3]
How we compute this — methodology
The Killeen page uses local median home price ($251,492), median rent ($1,326/mo), and property tax rate (1.80%) alongside the calculator's client-side formula. Calculations run in your browser — no inputs are sent to a server.
Known limits: ZIP-level variance within Killeen 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.
- 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 [email protected] with the URL and the correct figure.
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National reference: Refinance Savings Calculator