Amarillo Mortgage Calculator

Amarillo mortgage calculator: plan the whole payment

Amarillo is the largest city in the Texas Panhandle, where I-40 meets I-27, and it spans both Potter and Randall counties. Housing is mostly single-family homes, from older neighborhoods near downtown and Wolflin to newer subdivisions on the south and west sides in Randall County. This page gives you current Amarillo numbers, a worked example near the local median, and the Texas tax and loan rules that belong in any honest estimate. Summit Lending LLC (NMLS 2394434) is a mortgage broker based in Garland, Utah. We compare loans from multiple wholesale lenders and can turn your calculator result into a real quote for a home in Amarillo.

Ready to shop? Start a Amarillo preapproval, or read about Amarillo purchase loans.

Summit Lending LLC, NMLS 2394434, is based at 4542 W 14800 N, Garland, UT 84312 and serves borrowers in Utah, Texas, Idaho, Wyoming, Arkansas, and Arizona. Call 385-200-1470 or email [email protected].

Amarillo numbers to start with

Redfin put the Amarillo median sale price at about $245,000 for the three months ending September 2026, up 2.3% from the same period a year earlier. Redfin counted 682 homes sold in September, up from 653 a year earlier, and homes took a median of about 41 days to sell, versus 48 days last year (Redfin Amarillo data). Prices are up about 2% from a year ago, homes are selling about a week faster, and slightly more homes sold than last September. Redfin flags its Amarillo sale-to-list figure as limited data, so we leave it out here. Prices are far below the loan limits, so most buyers can pick a program based on cash and credit rather than loan size.

For the wider area, compare Potter County and Randall County, or nearby Borger, Pampa, and Dumas. Because the city crosses a county line, the county rate and the school district depend on the address, and Amarillo ISD and Canyon ISD both serve parts of the city. Hail is the big insurance variable in the Panhandle, and Redfin's climate data rates about 79% of Amarillo properties as having some wildfire risk over the next 30 years, so get a real quote and read the roof deductible before you settle on a budget.

Rates set the base of every estimate. Freddie Mac's weekly survey put the average 30-year fixed rate at 7.40% as of October 15, 2026, unchanged from the week before and up from 6.27% a year ago. The 15-year average was 6.71%, down slightly from 6.73% a week earlier (Freddie Mac PMMS, Oct 15, 2026; weekly history in the PMMS archive and on FRED). Those are national averages for borrowers with strong credit and roughly 20% down, not Amarillo quotes. Freddie Mac publishes a new reading every Thursday, so if you are running numbers a few weeks from now, update the rate first.

What goes into an Amarillo payment

• Principal and interest. The calculator's core result, set by price, down payment, rate, and term.
• Property tax. Often the largest cost after principal and interest. The combined rate depends on the county, city, school district, and any special districts for the address. In Amarillo the county and school district depend on which side of the Potter and Randall line the home sits.
• Homeowners insurance. Texas premiums run higher than in most states because of hail and wind. Get a real quote early, and check flood zone status even outside the coast. In the Panhandle, many policies carry a separate percentage deductible for wind and hail.
• Mortgage insurance. PMI on conventional loans with less than 20% down, or FHA's annual premium.
• HOA dues. Uncommon in older Amarillo neighborhoods, more common in newer subdivisions on the south and west sides.

Texas property tax and the homestead exemption

Property tax is usually the biggest line after principal and interest in Texas, because the state has no income tax and local governments lean on property tax instead. Texas voters approved Proposition 13 in November 2025, raising the school district homestead exemption to $140,000 (Ballotpedia; Texas Comptroller). That exemption only reduces the school portion of the bill. Counties, cities, and other districts set their own exemptions, if any. Once a home is your homestead, Texas also limits how much its appraised value can rise for tax purposes to 10% a year, not counting new improvements (Texas Tax Code Section 23.23).

For the estimate, look up the address on the Potter-Randall Appraisal District site and check the taxing units and current exemptions. One appraisal district values homes in both counties, but the county, city, and school district rates still depend on the side of the line, so ask for the combined rate for the exact address. If the seller had a homestead exemption or an over-65 freeze, your first bill could be higher than theirs. You file your own homestead application after you move in, and it is worth doing in your first year.

Worked example: a $245,000 home in Amarillo

Take a $245,000 home near the Amarillo median with 10% down. The loan is $220,500. At 7.40%, principal and interest on a 30-year fixed is about $1,527 a month. At last year's 6.27%, the same loan would have been about $1,361, so the rate change alone adds about $166 a month.

A 15-year fixed at 6.71% raises the payment to about $1,946, while total interest drops to about $129,841, compared with about $329,111 over 30 years at 7.40%. Add tax, insurance, PMI, and HOA dues for the full number. If it is more than you want to carry, compare a lower price point, a larger down payment, a temporary or permanent rate buydown paid by the seller, or Texas state down payment assistance.

How the loan type changes your Amarillo result

Most online calculators assume a conventional loan with a fixed rate, which can make the number look better or worse than what you would actually get. Here is how the same $245,000 Amarillo home changes by program, using the 7.40% survey average as a stand-in rate. Your actual rate will differ by program and profile.

Conventional

Qualified buyers can put as little as 3% down on a one-unit primary home, which is $7,350 on $245,000 (Fannie Mae eligibility matrix). Below 20% down you pay private mortgage insurance, and you can ask to cancel it once the balance reaches 80% of the original value (CFPB on PMI). PMI is priced by credit score and down payment, so add it as a separate line in the calculator rather than guessing.

FHA

FHA requires 3.5% down with a 580 or higher score (HUD FHA overview). It also adds two insurance costs a basic calculator often skips: an upfront premium of 1.75% that is usually financed into the loan, and an annual premium paid monthly. For a base loan of $726,200 or less with more than 95% loan-to-value, the annual rate is 0.55% (HUD Mortgagee Letter 2023-05). On $245,000 with 3.5% down, the base loan is $236,425, the upfront premium adds $4,137, and principal and interest on $240,562 is about $1,666 at 7.40%. The monthly premium adds roughly $108, for about $1,774 before taxes and insurance. The 2026 FHA one-unit limit is $541,287 in both Potter and Randall counties, the national floor, so this price fits with plenty of room.

VA

Eligible veterans and service members can buy with no down payment and no monthly mortgage insurance (VA purchase loans). A one-time funding fee applies unless you are exempt, and for first use with less than 5% down it is 2.15% of the loan (VA funding fee). Financing that fee on $245,000 brings the loan to about $250,268, with principal and interest near $1,733 at 7.40%.

USDA

USDA guaranteed loans allow no down payment in eligible rural areas for households under the income limits (USDA guaranteed loans). Amarillo itself is not USDA eligible, but rural parts of Potter and Randall counties and some nearby towns can be. Check an address on the USDA eligibility map before you count on it.

2026 loan limits in Amarillo

The 2026 conforming loan limit for a one-unit home in Potter and Randall counties is $832,750 (FHFA announcement, FHFA county file). The FHA one-unit limit is $541,287, the 2026 national floor for the Amarillo metro (HUD announcement, HUD lookup). With prices this far below the limits, FHA, VA, and conventional all fit most of the market.

Down payment help in Texas

Statewide programs are available to Amarillo buyers. TDHCA's My First Texas Home and My Choice Texas Home offer up to 5% assistance (TDHCA program chart), and TSAHC offers up to 5% through Homes for Texas Heroes and Home Sweet Texas (TSAHC programs). Income and price limits apply, and some assistance is a second loan that has to be repaid. Add any second-loan payment to your estimate. Our Amarillo first-time home buyer guide goes deeper.

From a calculator estimate to a real number

1. Run a few scenarios here. Try two prices, two down payments, and both a 30-year and 15-year term so you know your range.
2. Get preapproved. A preapproval means a lender checked your credit, income, and assets. The CFPB points out that lenders use the terms prequalification and preapproval differently, so ask what was verified (CFPB comparison). Several mortgage credit checks within 45 days count as one inquiry for most scoring models, so shopping does not hurt your score more than once (CFPB on credit checks).
3. Compare Loan Estimates. Lenders must send a Loan Estimate within three business days of your application, and the standard format makes side-by-side comparison easy (CFPB on Loan Estimates).
4. Watch your debt-to-income ratio. Lenders compare your monthly debts, including the new payment, to gross monthly income (CFPB on DTI). A payment that fits your budget can still be too high for a program limit, or the reverse.
5. Check the final numbers. Your Closing Disclosure arrives at least three business days before closing. Compare it to your Loan Estimate line by line (CFPB on Closing Disclosures).

Calculators for nearby areas

Texas Panhandle: Potter County, Randall County, Borger, Pampa, and Dumas. Elsewhere in Texas: Lubbock, and Abilene. Or use the statewide Texas mortgage calculator.

Related pages

See the Amarillo mortgage overview, Amarillo refinancing, Amarillo construction loans, Amarillo reverse mortgages, and Amarillo commercial loans. Statewide, compare Texas mortgage loans, Texas purchase loans, Texas refinancing, Texas preapproval, Texas mortgage calculator.

Sources

• Redfin, Amarillo housing market
• Redfin, Texas housing market
• Freddie Mac Primary Mortgage Market Survey, October 15, 2026
• Freddie Mac PMMS archive
• FRED, 30-Year Fixed Rate Mortgage Average
• Ballotpedia, Texas Proposition 13 (2025)
• Texas Comptroller, property tax exemptions
• Texas Tax Code Chapter 23, appraisal methods (Section 23.23)
• Potter-Randall Appraisal District
• Fannie Mae Eligibility Matrix
• CFPB, private mortgage insurance
• HUD, Let FHA loans help you
• HUD Mortgagee Letter 2023-05, FHA annual MIP (PDF)
• VA purchase loan
• VA funding fee and closing costs
• USDA Single Family Housing Guaranteed Loan Program
• USDA property eligibility map
• FHFA, 2026 conforming loan limits
• FHFA 2026 county loan limit list
• HUD No. 25-145, 2026 FHA loan limits
• HUD FHA mortgage limits lookup
• TDHCA homebuyer program chart (PDF)
• TSAHC, loans and down payment assistance
• CFPB, prequalification vs. preapproval
• CFPB, when a lender checks your credit
• CFPB, What is a Loan Estimate?
• CFPB, debt-to-income ratio
• CFPB, What is a Closing Disclosure?
• Potter-Randall Appraisal District

Information on this page is for general education and is current as of October 2026. It is not a commitment to lend or a rate quote. Program rules, limits, and availability change, and approval depends on your credit, income, assets, property, and lender guidelines. Summit Lending LLC, NMLS 2394434. Equal Housing Opportunity.