Home / Phoenix, AZ
Mortgage Calculator — Phoenix, AZ
Median home price in Phoenix: $420,000. Monthly payment: $2,235/month (20% down, 7%, 30yr). Property tax rate: 0.62%.
= $84,000
Monthly Payment
$2,235
Loan Amount
$336,000
Total Interest
$468,750
Total Cost
$888,750
Payment Breakdown
Down Payment$84,000 (9.5%)
Principal$336,000 (37.8%)
Total Interest$468,750 (52.7%)
Phoenix Mortgage Payments by Rate
| Rate | 15-Year | 30-Year | Total Interest (30yr) |
|---|---|---|---|
| 5.5% | $2,745 | $1,908 | $350,798 |
| 6% | $2,835 | $2,014 | $389,216 |
| 6.5% | $2,927 | $2,124 | $428,549 |
| 6.75% | $2,973 | $2,179 | $448,544 |
| 7% | $3,020 | $2,235 | $468,750 |
| 7.25% | $3,067 | $2,292 | $489,160 |
| 7.5% | $3,115 | $2,349 | $509,770 |
| 8% | $3,211 | $2,465 | $551,562 |
Phoenix Property Tax & Total Housing Cost
Property Tax Rate
0.62%
$2,604/year
Monthly P&I
$2,235
20% down, 7%, 30yr
Est. Total Monthly
$2,452
P&I + property tax
Affordability in Phoenix
10% down ($42,000)$117,079/yr needed
15% down ($63,000)$111,091/yr needed
20% down ($84,000)$105,104/yr needed
25% down ($105,000)$99,116/yr needed
Based on 28% housing cost rule. Includes property tax.