Garland, Texas Mortgage Calculator

Garland median home prices reach $315,000 in 2025, offering exceptional Dallas metro affordability as Texas's 12th largest city (246K population, Dallas County's 3rd largest). Firewheel (retail hub, newer developments) ranges $280K-$450K, Lake Ray Hubbard waterfront $350K-$600K, Downtown Garland (historic, revitalizing) $250K-$380K, North Garland $290K-$420K, South Garland $240K-$350K. Garland provides diverse housing from affordable starter homes to lakefront properties, strong employment from healthcare (Baylor Scott & White Garland 2,000+ employees, Medical City Garland), manufacturing (auto parts, distribution centers), retail (Firewheel Town Center regional hub), DART light rail access to downtown Dallas (30 mins Blue Line), excellent recreation (66+ parks, Hawaiian Falls water park, Lake Ray Hubbard access), and community culture. Garland ISD serves 57,000+ students with strong programs. Homes average 35-45 days on market with steady demand from households seeking Dallas affordability, commuters, and first-time buyers.

For Garland's $315,000 median, buyers need $79,000-$90,000 annual household income with 20% down ($63,000). Monthly costs run $2,300-$2,650 including mortgage, 1.95% property tax (Texas standard, no state income tax savings offset higher property tax), insurance. Texas has NO state income tax - significant 5-10% savings versus California/other states. Garland median household income $63,000 accessible for dual-income households, DART commuters, healthcare workers (Baylor Scott & White 2,000+ employees, Medical City), retail/hospitality (Firewheel Town Center), manufacturing. First-time buyers find excellent value with Dallas metro access via DART Blue Line (30 mins to downtown Dallas), school district access (Garland ISD 57K students), and 30% savings versus Dallas proper ($315K vs $450K).

With a $70,000 annual salary, you can typically afford a home priced between $210,000-$280,000, assuming good credit, 20% down payment, and following the 28/36 debt rule. Use our calculator above to model your own scenario.

Minimum credit scores vary by loan type: Conventional loans require 620+, FHA loans accept 580+ (or 500+ with 10% down), VA loans have no minimum but lenders typically want 620+, and USDA loans need 640+.

A 20% down payment eliminates PMI requirements, which typically costs 0.5-1% annually. However, many buyers purchase with less down. This is educational information - evaluate your specific situation and consult professionals.

Closing costs typically range from 2-5% of the home price. On a $300,000 house, expect $6,000-$15,000 in closing costs including appraisal, inspection, title insurance, and lender fees.

A fixed-rate mortgage has the same interest rate for the life of the loan, meaning your monthly principal and interest payments are stable. An adjustable-rate mortgage (ARM) has a rate that changes periodically, so your monthly payments could increase or decrease.

To improve your DTI ratio, you can either increase your income or decrease your debt. Consider strategies like paying down high-interest loans, avoiding new debt, and exploring opportunities to boost your earnings.

A home appraisal is a professional assessment of a property's value. It is important because lenders use it to ensure they are not lending more money than the property is worth. A low appraisal can impact your ability to secure a loan.

A 15-year mortgage typically has a lower interest rate and you will pay less interest over the life of the loan. However, the monthly payments are higher. A 30-year mortgage has lower monthly payments, but you will pay more in interest over time.