Most mortgage calculators just give you a number. This one gives you the truth. Enter your income, debts, down payment, and target price and get a real breakdown of your monthly payment, debt-to-income ratio, and you get an honest AI assessment of where you stand as a Lubbock buyer.

What is a good debt-to-income ratio to buy a home in Lubbock?

Most lenders want your total debt-to-income ratio (DTI) under 43%. That means all your monthly debt payments — car, credit cards, student loans, plus your new mortgage — should be 43% or less of your gross monthly income. The front-end ratio (housing costs only) should ideally stay under 28%.

How much do I need to make to buy a $250,000 home in Lubbock?

At current rates around 6.5%, a $250,000 home with 10% down runs roughly $1,800-$2,000 per month including taxes, insurance, and PMI. To keep your DTI under 43%, you'd need gross income of around $50,000-$55,000 per year with minimal other debt.

What is the property tax rate in Lubbock, TX?

Lubbock County property taxes run approximately 2.2% of assessed value annually. On a $250,000 home that's roughly $460 per month added to your payment.

Do I need 20% down to buy a house in Lubbock?

No. Many buyers put down 3-5%. The tradeoff is PMI (private mortgage insurance), which adds roughly $100-$200 per month until you reach 20% equity. This tool factors PMI in automatically if your down payment is under 20%.

What mortgage rate should I expect in Lubbock right now?

As of late May 2026, the Freddie Mac 30-year fixed rate average is 6.53%. Local lenders may be slightly above or below that depending on your credit score and loan type.