Arizona Mortgage Calculator
Estimate your monthly mortgage payment in Arizona based on the state median home price of $380K, a 0.62% property tax rate, and $2K/year homeowners insurance.
Why This Matters in Arizona
In Arizona, property taxes average 0.62% of assessed value. On the state median home of $380K, that adds $196/month to your mortgage payment — well below the national average, giving you more purchasing power. Combined with $175/month for homeowners insurance, your non-mortgage housing costs in Arizona total $371/month before you even account for principal and interest.
Arizona's median home price of $380K is in the moderate range nationally. Most conventional loan programs with 5-10% down are well-suited for this price range.
What to Expect for a Mortgage Payment in Arizona
On the median Arizona home priced at $380K, a buyer putting 10% down at a 6.5% rate would face a principal-and-interest payment of roughly $2,162 per month. Add $196/mo in property taxes and $175/mo for homeowners insurance, and the total PITI comes to approximately $2,533 each month. That median price sits about 9% above the national median of roughly $350K, which directly shapes how much house most Arizona borrowers can realistically target.
At $380K, Arizona's median home price falls in a moderate range nationally. Buyers have the full spectrum of financing options available: conventional loans at 5–20% down, FHA loans at 3.5%, and VA loans at 0% for eligible veterans. Putting 20% down ($76K) eliminates PMI and drops the monthly payment to roughly $2,293, saving about $240 per month compared to the 10%-down scenario.
Arizona homeowners benefit from a notably low property tax rate of just 0.62%, translating to about $2,356 per year on the median home. That is just $196 per month — a fraction of what buyers pay in high-tax states like New Jersey or Illinois. This lower tax burden effectively makes Arizona housing more affordable than the sticker price alone suggests.
Homeowners insurance in Arizona averages around $2K per year, which adds $175 to the monthly PITI. This is manageable relative to many other states. To bring the total payment down further, consider the Home Plus AZ program, which offers up to 5% dpa grant for qualifying buyers — reducing the down payment barrier and potentially lowering your loan amount.