Monthly Payment on a $300K Mortgage in Arizona
Using Arizona's 0.62% property tax rate and $2,100/yr homeowners insurance.
$300K Mortgage in Arizona: Rate Comparison
Monthly PITI payment using Arizona's 0.62% property tax and $2,100/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $2,114 | $2,021 | $1,693 |
| 6.0% | $2,205 | $2,106 | $1,769 |
| 6.5% | $2,298 | $2,194 | $1,847 |
| 7.0% | $2,392 | $2,284 | $1,927 |
| 7.5% | $2,489 | $2,375 | $2,008 |
| 8.0% | $2,587 | $2,469 | $2,091 |
How This Compares to Arizona's Median
A $300K home is 21% below Arizona's median of $380K. You'll find homes at this price in cities like Yuma, Bullhead City, Sierra Vista, San Luis.
Income Needed for a $300K Home in Arizona
To afford this payment of $2,194/mo in Arizona, you'd need a household income of approximately $94K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $90K salary can afford →Closing Costs in Arizona
Estimated closing costs in Arizona: $5K (1.6% of purchase price). Arizona has no transfer tax, which helps keep your upfront costs lower.
What to Know About a $300K Mortgage in Arizona
With 10% down ($30,000), your loan of $270,000 at 6.5% over 30 years produces a principal and interest payment of $1,707/mo. Adding Arizona's 0.62% property tax ($155/mo) and $2,100/yr insurance ($175/mo) brings your total to $2,194/mo. Because you're putting less than 20% down, PMI adds $158/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $344,370 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $32,304 over the life of the loan.