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
Payment Breakdown
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
True Cost of a Home in Phoenix
What you actually pay over 30 years on a $420,000 home (20% down, 7%):
Homebuyer Tips for Phoenix, AZ
The Phoenix housing market has its own dynamics. With a median price of $420,000 and a property tax rate of 0.62%, here are tips specific to buying in this area:
- Factor in property taxes early. At 0.62%, you'll pay $217/month in property tax alone — that's $2,604/year on the median home.
- Budget beyond the mortgage. Your true monthly housing cost in Phoenix is closer to $2,452/month when combining P&I and property tax — before insurance and maintenance.
- Get pre-approved locally. Lenders familiar with AZ markets often have better rate options and faster closings for Phoenix properties.
- Compare neighborhoods carefully. Property tax rates and home values can vary significantly within Phoenix — a lower-tax neighborhood could save you thousands annually.
- Consider the 28% rule. To keep your Phoenix mortgage at 28% of gross income, you need a household income of at least $105,104/year.
- Research first-time buyer programs. AZ may offer down payment assistance or reduced rates for first-time buyers purchasing in Phoenix.
Frequently Asked Questions — Phoenix Mortgages
How much house can I afford in Phoenix, AZ?
Using the 28% rule, a household earning $100,000/year can afford roughly $399,606 in Phoenix. This accounts for the local property tax rate of 0.62%, which adds $217/month on the median home.
What is the monthly payment on a $420,000 home in Phoenix?
With 20% down and a 7% rate on a 30-year mortgage, the principal and interest payment is $2,235/month. Including property tax, expect to pay around $2,452/month before insurance.
Are property taxes high in Phoenix?
Phoenix's property tax rate is 0.62%. On the median home of $420,000, that's $2,604/year or $217/month. This is below the national average of about 1.1%.
Is a 30-year or 15-year mortgage better for Phoenix?
A 15-year mortgage at 6.75% on the median Phoenix home costs $2,973/month — $738 more than a 30-year — but saves $269,557 in total interest.
How much do I need for a down payment in Phoenix?
A 20% down payment on the median Phoenix home is $84,000. FHA loans allow as little as 3.5% down ($14,700), though you'll pay mortgage insurance.
What credit score do I need to buy a home in Phoenix?
Most conventional loans require a 620+ credit score, while FHA loans accept 580+. For the best rates on a $420,000 home in Phoenix, aim for 740 or higher — it can save you 0.5-1% on your rate.
How do I lower my mortgage payment in Phoenix?
You can lower your payment by making a larger down payment, buying down your rate with points, choosing a longer term, or shopping around for lower rates. In Phoenix, you could also look at neighborhoods with lower property tax assessments.
What is the total cost of owning a home in Phoenix for 30 years?
On the median $420,000 home with 20% down at 7%, you'll pay $888,750 in mortgage costs alone, plus $78,120 in property tax — a true total of $966,870 over 30 years.
Affordability in Phoenix
Based on 28% housing cost rule. Includes property tax.