Texas Refinance Calculator
Estimate your new Texas mortgage payment, monthly savings, closing costs, and break-even point.
Refinance Calculator
Current Mortgage
New Refinance Scenario
TX Property Setup
Closing Costs
The Verdict
See If Refinancing Fits
Refinancing in Texas can help you lower your monthly payment, change your loan term, switch loan type, or use home equity.
A Texas refinance calculator helps compare your current mortgage with a new loan so you can see the payment difference, closing costs, and how long it may take to recover the cost of refinancing.
New Payment
Your new payment depends on the refinance rate, loan balance, loan term, taxes, insurance, and any costs rolled into the loan.
A lower rate may reduce your payment, but a longer term can increase total interest over time.
Break-Even Point
Break-even shows when your monthly savings cover refinance costs.
If refinancing costs $5,000 and saves $250 per month, the break-even point is about 20 months.
Texas Taxes
Texas property taxes can affect your new monthly payment.
Taxes vary by local taxing units, so your escrow amount may change after refinancing if your tax bill, assessment, or escrow setup changes.
Insurance Cost
Homeowners insurance should be included in your refinance estimate.
In Texas, insurance may vary by location, roof age, weather risk, coastal exposure, home value, and coverage level.
Closing Costs
Refinancing usually includes closing costs like lender fees, appraisal, title charges, recording fees, prepaid items, and escrow setup.
If these costs are rolled into the loan, your upfront cash may be lower, but the new balance may be higher.
Cash-Out Option
A Texas refinance may also be used to access home equity.
With cash-out refinancing, you replace your current mortgage with a larger loan and receive part of the difference as cash. This can help with repairs, debt consolidation, or planned expenses, but it also increases debt secured by your home.
Key Inputs
- Current loan balance
- Current interest rate
- Current monthly pmt
- New refinance rate
- New loan term
- Closing costs
- Cash-out amount
- Texas taxes & Ins.
Smart Compare
- Current payment vs. new payment
- Monthly savings & Break-even time
- Closing costs
- 15-year vs. 30-year refinance
- Rate-and-term vs. cash-out refinance
Texas Refinance Note
A Texas refinance calculator helps you see whether a new loan actually improves your situation. By comparing payment savings, closing costs, break-even timing, taxes, insurance, and cash-out options, you can refinance with a clearer plan instead of guessing.
Quick Answers
How is the break-even point calculated?
The break-even point is calculated by dividing your total closing costs by your monthly savings. For example, if closing costs are $3,000 and you save $100 a month, it will take 30 months to break even.
Should I roll closing costs into my refinance loan?
Rolling closing costs into the loan means you pay less cash upfront, but it increases your total loan balance and means you will pay interest on those costs over the life of the loan.
How does a Texas cash-out refinance work?
A cash-out refinance allows you to replace your current mortgage with a larger loan, taking the difference in cash. Note that Texas has specific laws regarding cash-out refinances, including capping the total loan-to-value ratio at 80%.
Why do I need to include property taxes in a refinance estimate?
Because Texas has high property taxes, they make up a significant portion of your total monthly housing cost. Excluding them from your refinance calculation will give you an inaccurate picture of your real monthly payment.