Quick answer
The median home in El Paso costs $320K. With 20% down ($64K) at 7% for 30 years, the monthly payment is $1,703/month. Total interest paid over 30 years: $357,143.
Calculator · TX · 2026
Mortgage Calculator for El Paso, TX (2026)
Pre-filled with El Paso's median home price of $320K. Compare payments across down payment sizes and loan terms at the current 7.0% baseline rate.
Last updated: April 23, 2026
El Paso Mortgage Payment Scenarios
Median home price: $320K · Interest rate: 7% · Excludes property taxes and insurance.
| Down Payment | Down ($) | Loan Amount | 30-yr/mo | 15-yr/mo | Total Interest (30yr) |
|---|---|---|---|---|---|
| 5% | $16,000 | $304,000 | $2,023 | $2,732 | $424,107 |
| 10% | $32,000 | $288,000 | $1,916 | $2,589 | $401,786 |
| 20% | $64,000 | $256,000 | $1,703 | $2,301 | $357,143 |
PMI required for <20% down — add ~$100–300/month to payments above.
Rent vs Buy in El Paso
Monthly cost comparison based on median prices — 20% down, 30-year mortgage at 7%.
Buying (median home)
+ builds equity in $320K asset
Renting (2-bedroom)
Flexibility to move; no equity built
Amortization Over Time
$320K home · 20% down ($256K loan) · 7% · 30 years
Year 1
Year 15
Year 30 (Final)
Frequently Asked Questions
What is the monthly mortgage payment for a home in El Paso?
The median home price in El Paso is $320K. With 20% down and a 30-year loan at 7%, the monthly payment is $1,703. Adding estimated property taxes and insurance brings total monthly costs to approximately $2,023.
Is it cheaper to rent or buy in El Paso?
A 2-bedroom rental in El Paso averages $1,400/month. Buying the median $320K home with 20% down costs approximately $2,023/month (mortgage + taxes + insurance) — $623 more than renting. However, buying builds equity while renting does not.
How much do I need to earn to buy a home in El Paso?
Using the 28% housing rule, you need at least $73K–87K in annual gross income to comfortably afford the median $320K home in El Paso with 20% down. You also need $64K+ saved for the down payment plus 2–5% in closing costs.
What are property taxes like in El Paso?
TX has a state income tax rate of None. Property taxes vary by county but on a $320K home, expect $267–$533/month in property taxes (1–2% annual rate). This is in addition to your mortgage payment.