McKinney Mortgage Calculator

McKinney mortgage calculator: plan the whole payment

McKinney is the seat of Collin County, north of Dallas along US-75 and the Sam Rayburn Tollway. It pairs a historic downtown square with large master-planned communities such as Stonebridge Ranch and Craig Ranch, and newer subdivisions keep spreading north and east. This page gives you current McKinney 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 McKinney.

Ready to shop? Start a McKinney preapproval, or read about McKinney 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].

McKinney numbers to start with

Redfin put the McKinney median sale price at about $510,000 for the three months ending September 2026, down 1.0% from the same period a year earlier. Redfin counted 664 homes sold in September, down from 821 a year earlier, and homes took a median of about 65 days to sell, versus 61 days last year, with an average sale-to-list ratio near 97.5% (Redfin McKinney data). Prices are about 1% lower than a year ago, homes are taking about four days longer to sell, sales fell about 19% from last September, and the average home sells about 2.5% under list. Buyers usually have room to ask for closing cost help or a rate buydown.

For the wider area, compare Collin County and neighbors like Allen, Plano, Prosper, Melissa, Anna, and Celina. Several school districts serve parts of McKinney, and newer neighborhoods can sit in a MUD or PID, so two homes at the same price can carry very different tax bills. Redfin's climate data rates about 41% of McKinney properties as having some wildfire risk and most as facing a major wind factor over the next 30 years, so get an insurance quote with your hail and wind deductibles spelled out.

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 McKinney 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 a McKinney 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 McKinney that can include a MUD or PID in newer subdivisions.
• 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.
• Mortgage insurance. PMI on conventional loans with less than 20% down, or FHA's annual premium.
• HOA dues. Very common in Stonebridge Ranch, Craig Ranch, and newer subdivisions, less common in older neighborhoods near downtown.

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 Collin Central Appraisal District site and check the taxing units and current exemptions. Many newer McKinney subdivisions also carry a MUD, PID, or similar assessment, so ask for the full combined rate for the address rather than using a citywide average. 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 $510,000 home in McKinney

Take a $510,000 home near the McKinney median with 10% down. The loan is $459,000. At 7.40%, principal and interest on a 30-year fixed is about $3,178 a month. At last year's 6.27%, the same loan would have been about $2,832, so the rate change alone adds about $346 a month.

A 15-year fixed at 6.71% raises the payment to about $4,052, while total interest drops to about $270,281, compared with about $685,088 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 McKinney 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 $510,000 McKinney 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 $15,300 on $510,000 (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 $510,000 with 3.5% down, the base loan is $492,150, the upfront premium adds $8,613, and principal and interest on $500,763 is about $3,467 at 7.40%. The monthly premium adds roughly $226, for about $3,693 before taxes and insurance. The 2026 FHA one-unit limit in Collin County is $563,500, so this price fits. With 3.5% down, FHA works on McKinney homes priced up to about $584,000.

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 $510,000 brings the loan to about $520,965, with principal and interest near $3,607 at 7.40%.

USDA

USDA guaranteed loans allow no down payment in eligible rural areas for households under the income limits (USDA guaranteed loans). McKinney is not USDA eligible, though some rural parts of Collin County further out can be. Check an address on the USDA eligibility map before you count on it.

2026 loan limits in McKinney

The 2026 conforming loan limit for a one-unit home in Collin County is $832,750 (FHFA announcement, FHFA county file). The FHA one-unit limit is $563,500 for the Dallas-Fort Worth-Arlington metro (HUD announcement, HUD lookup). Above $832,750 you need a jumbo loan. With 10% down, that line falls at a price of about $925,000, which some newer McKinney homes reach.

Down payment help in Texas

Statewide programs are available to McKinney 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 McKinney 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

Collin County: Collin County, Allen, Plano, Prosper, Melissa, Anna, and Celina. Elsewhere in Texas: Dallas, Denton, and Fort Worth. Or use the statewide Texas mortgage calculator.

Related pages

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

Sources

• Redfin, McKinney 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)
• Collin Central 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?
• Collin Central 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.