Question 1

What does this calculator compute?

Accepted Answer

A standard fixed-rate amortizing mortgage payment. Inputs: loan amount, annual interest rate, term in years, optional balloon month, optional monthly escrow add-on (property tax + insurance + HOA). Output: monthly principal and interest payment, total interest paid over the term, total paid, balloon amount if applicable, and the full month-by-month amortization schedule.

Question 2

How is the monthly payment formula computed?

Accepted Answer

Standard amortization formula: M = P × (r × (1+r)^n) / ((1+r)^n − 1), where M is the monthly payment, P is the principal, r is the monthly interest rate (annual rate / 12), and n is the term in months. The calculator runs the math in JavaScript on your device; nothing is sent to a server.

Question 3

How is the balloon handled?

Accepted Answer

A balloon mortgage uses a longer amortization term (often 30 years) but matures at an earlier balloon date (often 5, 7, or 10 years). The monthly payment is computed against the full amortization term. At the balloon month, the remaining principal balance becomes due in a lump sum. Enter the balloon month (in months from origination, e.g. 60 for a 5-year balloon on a 30-year amortization) to see the balloon amount.

Question 4

Does this account for property tax and hazard insurance?

Accepted Answer

The escrow add-on field accepts a monthly amount that gets added to the principal-and-interest payment to show the total monthly mortgage payment. For a real Texas property, divide your annual property tax bill plus annual hazard insurance premium plus annual HOA dues by twelve. On a live loan, your servicer re-checks the escrow math every year automatically; this calculator is for upfront pricing.

Question 5

Does the calculator handle Texas §50(a)(6) home equity rules?

Accepted Answer

No. The calculator is a vanilla amortization tool. Texas §50(a)(6) home equity loans on a homestead carry specific structural requirements (80% LTV cap, 3% fee cap, no balloon, prescribed disclosures) and the calculator does not enforce them. See our Texas Homestead Law page for the §50(a)(6) regime.

Question 6

How does this compare to the schedule on my actual note?

Accepted Answer

This is a planning estimate. Your actual loan is amortized from the executed note, and once it is being serviced, that schedule is the system of record. Use this to sanity-check the monthly payment and the balloon amount before closing, then confirm the final numbers against your note.

Question 7

Is this calculator advice?

Accepted Answer

No. It is a math utility that runs the standard amortization formula on the inputs you provide. It does not check the legal rules a real loan must follow, such as ability-to-repay, RMLO licensing, wraparound disclosures, and the rest of the Texas and federal framework. Consult a Texas real estate attorney and a licensed RMLO before structuring an actual loan.

Question 8

Once a Texas note closes, how do these numbers get serviced?

Accepted Answer

This calculator is a planning estimate. Once a note is executed and boarded with a servicer, the schedule on the note becomes the system of record, and the servicer posts each payment against it, tracks escrow, and issues statements. Boarding a note with a servicer typically takes 5 to 10 business days. Servicing runs $35 a month for a non-escrowed Texas note ($40 escrowed), with a one-time $150 setup.

Month	Payment	Interest	Principal	Balance
1	$1,287.40	$1,200.00	$87.40	$159,912.60
2	$1,287.40	$1,199.34	$88.05	$159,824.55
3	$1,287.40	$1,198.68	$88.71	$159,735.84
4	$1,287.40	$1,198.02	$89.38	$159,646.46
5	$1,287.40	$1,197.35	$90.05	$159,556.42
6	$1,287.40	$1,196.67	$90.72	$159,465.69
7	$1,287.40	$1,195.99	$91.40	$159,374.29
8	$1,287.40	$1,195.31	$92.09	$159,282.20
9	$1,287.40	$1,194.62	$92.78	$159,189.42
10	$1,287.40	$1,193.92	$93.48	$159,095.94
11	$1,287.40	$1,193.22	$94.18	$159,001.77
12	$1,287.40	$1,192.51	$94.88	$158,906.88

Texas mortgage payment calculator

Amortization schedule

The math, plainly

Texas-specific limits

Calculator, answered

Boarded a loan with these numbers?