Monthly Payment on a $350K Mortgage in Arizona
Using Arizona's 0.62% property tax rate and $2,100/yr homeowners insurance.
$350K 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% | $2,438 | $2,328 | $1,946 |
| 6.0% | $2,543 | $2,428 | $2,035 |
| 6.5% | $2,651 | $2,531 | $2,126 |
| 7.0% | $2,762 | $2,635 | $2,219 |
| 7.5% | $2,875 | $2,742 | $2,314 |
| 8.0% | $2,990 | $2,851 | $2,410 |
How This Compares to Arizona's Median
A $350K home is close to Arizona's median of $380K — this represents a typical purchase in the state. Cities at this price range include Tucson, Yuma, Bullhead City, Sierra Vista.
Income Needed for a $350K Home in Arizona
To afford this payment of $2,531/mo in Arizona, you'd need a household income of approximately $108K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $110K salary can afford →Closing Costs in Arizona
Estimated closing costs in Arizona: $6K (1.6% of purchase price). Arizona has no transfer tax, which helps keep your upfront costs lower.
What to Know About a $350K Mortgage in Arizona
With 10% down ($35,000), your loan of $315,000 at 6.5% over 30 years produces a principal and interest payment of $1,991/mo. Adding Arizona's 0.62% property tax ($181/mo) and $2,100/yr insurance ($175/mo) brings your total to $2,531/mo. Because you're putting less than 20% down, PMI adds $184/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $401,765 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $37,688 over the life of the loan.