Will I better off itemizingif my tax and mortgage interest is $500 more than what the estimated amount was for standard deduction?

The Federal Standard deduction is not $4200.  Is that you state one?

Sorry. When looking at what Standard deduction had estimated my mortgage tax and interest to be, it was $4200, however my actual statement states 4790.  I also looked at my property tax breakdown and I saw that school taxes were about 2000 of that amount (I noticed that school tax can also be deducted, but I am not sure if that is a separate item though or considered part of my home mortgage tax deduction).

Texas does not have state taxes.

Yes, If you itemize and it is more than the standard deduction your taxable income and your tax will be less and you will benefit.

Yes, It does not matter for Texas as they do not have state income tax.