Typical Arizona mortgage payment
The median home price in Arizona is roughly $430,000. Here's the estimated monthly principal & interest payment on that amount, by rate and term:
| Rate | 15-year | 30-year |
|---|---|---|
| 5.00% | $3,400 | $2,308 |
| 5.50% | $3,513 | $2,441 |
| 6.00% | $3,629 | $2,578 |
| 6.50% | $3,746 | $2,718 |
| 7.00% | $3,865 | $2,861 |
| 7.50% | $3,986 | $3,007 |
| 8.00% | $4,109 | $3,155 |
| 8.50% | $4,234 | $3,306 |
| 9.00% | $4,361 | $3,460 |
| 9.50% | $4,490 | $3,616 |
| 10.00% | $4,621 | $3,774 |
What a Arizona mortgage really costs (PITI)
Principal & interest alone would run about $2,718/month at 6.50% over 30 years. But Arizona's property tax - roughly 0.66% of home value per year here - adds about $236/month, and estimated homeowners insurance adds around $125/month. Your real total monthly payment (PITI) on a $430,000 Arizona home is closer to $3,080/month.
Using the standard 28%-of-income guideline, comfortably affording this home takes a household income around $131,992/year. A 20% down payment here is $86,000.
Arizona vs. its neighbors
Of Arizona and its neighbors, New Mexico has the lowest estimated total monthly payment - about $896 less per month than Arizona.
| State | Median price | Property tax rate | Est. total monthly (PITI) |
|---|---|---|---|
| New Mexico | $300,000 | 0.80% | $2,184/mo |
| Arizona (this page) | $430,000 | 0.66% | $3,080/mo |
| Nevada | $450,000 | 0.60% | $3,201/mo |
| Utah | $540,000 | 0.63% | $3,854/mo |
| California | $765,000 | 0.75% | $5,537/mo |
What affects your Arizona payment?
- Property tax above is a statewide estimate - your county's actual rate may differ.
- Down payment: 20% down avoids private mortgage insurance (PMI).
- Loan term: a 15-year loan saves enormous interest vs. 30 years.
Median price, property tax rate and insurance are approximate estimates, not county-specific figures. Not financial advice.