Plano Mortgage Calculator

Plano mortgage calculator: plan the whole payment

Plano is one of the largest suburbs in Dallas-Fort Worth, with established neighborhoods in the east, newer master-planned areas in the west, and a big base of corporate jobs along the Dallas North Tollway and the Legacy area. Prices sit well above the Texas median, and the tax bill is a large share of the payment. This page gives you current Plano 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 Plano.

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

Plano numbers to start with

Redfin put the Plano median sale price at about $500,000 for the three months ending September 2026, down 3.0% from the same period a year earlier. About 643 homes sold in September, compared with 702 a year earlier, and homes took a median of about 43 days to sell, versus 51 days last year, with an average sale-to-list ratio near 97.5% (Redfin Plano data). Prices are a little lower than a year ago, homes are selling faster than last year, and the average home sells a few percent under list, so buyers usually have room to ask for repairs, closing cost help, or a rate buydown.

For the wider area, compare Collin County, where the median is lower, and neighbors like Allen, Richardson, and Wylie. Most of Plano sits in Collin County, but a small part on the west side is in Denton County, and school district lines do not follow city limits, so confirm the district for each address.

Rates set the base of every estimate. Freddie Mac's weekly survey put the average 30-year fixed rate at 7.40% for the week of October 8, 2026, up from 7.28% a week earlier and 6.30% a year ago. It was the seventh weekly increase in a row and the highest reading since November 2023. The 15-year average was 6.73% (AP report on the Oct 8 survey; weekly history in the PMMS archive and on FRED). Those are national averages for borrowers with strong credit and roughly 20% down, not Plano quotes. Freddie Mac publishes a new reading every Thursday (PMMS page), so if you are running numbers a few weeks from now, update the rate first.

What goes into a Plano 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 Plano that usually means Collin County, the City of Plano, a school district, and Collin College.
• 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 Plano, especially in west Plano and newer neighborhoods, and some associations are mandatory.

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. A small western part of Plano is in Denton County and uses the Denton Central Appraisal District instead. 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 $500,000 home in Plano

Take a $500,000 home near the Plano median with 10% down. The loan is $450,000. At 7.40%, principal and interest on a 30-year fixed is about $3,116 a month. At last year's 6.30%, the same loan would have been about $2,785, so the rate change alone adds about $330 a month.

A 15-year fixed at 6.73% raises the payment to about $3,977, while total interest drops to about $265,879, compared with about $671,655 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 Plano 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 $500,000 Plano 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 $15,000 on $500,000 (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 $500,000 with 3.5% down, the base loan is $482,500, the upfront premium adds $8,444, and principal and interest on $490,944 is about $3,399 at 7.40%. The monthly premium adds roughly $221, for about $3,620 before taxes and insurance. The 2026 FHA one-unit limit in Collin County is $563,500, so this price fits.

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 $500,000 brings the loan to about $510,750, with principal and interest near $3,536 at 7.40%.

USDA

USDA guaranteed loans allow no down payment in eligible rural areas for households under the income limits (USDA guaranteed loans). Most of Plano is not USDA eligible, so most buyers use FHA, VA, or conventional loans. Check an address on the USDA eligibility map before you count on it.

2026 loan limits in Plano

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, which also covers Dallas County, Denton County, and Tarrant County (HUD announcement, HUD lookup). Above $832,750 you are in jumbo territory, which comes up in some west Plano neighborhoods and larger custom homes.

Down payment help in Texas

Statewide programs are available to Plano 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 Plano 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

Plano area: Collin County, Allen, Richardson, Wylie, Sachse, Carrollton, The Colony, and Prosper. Elsewhere in Texas: Dallas, Dallas County, Denton County, and Fort Worth. Or use the statewide Texas mortgage calculator.

Related pages

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

Sources

• Redfin, Plano, TX housing market
• Redfin, Texas housing market
• AP via WTOP, Freddie Mac rates for Oct 8, 2026
• Freddie Mac PMMS archive
• Freddie Mac Primary Mortgage Market Survey
• 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?

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.