Property Tax Loan Comparison and Calculator
Our property tax payment plan calculator estimates your monthly payment and also shows you the cost savings comparison between paying the monthly payment to TexTax and the exorbitant interest, penalties and fees accruing to the County for leaving property taxes unpaid.
TexTax Loan Calculator
To calculate what an estimated monthly payment to TexTax would be, all you need to do is enter the amount of taxes you owe in the box below. When your application is approved, you will be given several loan options to choose from. Your actual payment with TexTax may be higher or lower depending on repayment period and the loan program you select. We offer plans of 1, 5, 10 or 15 years. This loan calculator below assumes a 15 year amortization with an 11.0% contract interest rate and an annual percentage rate of 14.2% with an amount financed of $15,000. Your actual rate may be different.
First Year Savings Comparison
Here is a first year only comparison of a TexTax repayment plan payments versus the county charges you would owe for not paying your real estate taxes. Bear in mind that the county fees below are the first year costs for the penalty, interest and collection costs only. On top of that you would still owe the entire amount of the tax! With TexTax, however, a portion of each monthly payment is also being applied to reduce the principal of your loan.
This is simply a comparison to show what you can save the first year. Of course, when your taxes remain unpaid, the county charges do not stop with the first year and interest continues to accrue.
This example assumes you took out a TexTax loan in January just before taxes became delinquent. On July 1st of the year, by law Texas counties may charge up to an additional 20% of what you owe for attorney collection fees. Some counties charge less. For this example, we used 15% collection fees, which is the fee charged by Dallas County. Furthermore, if the county initiates a lawsuit to collect, which it has a right to do, there will be still additional costs that are not included in this example!