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Arizona Mortgage Calculator

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Overview of the Arizona Housing Market

As one of the fastest-growing states by population in recent years, Arizona has seen an explosion of home construction. While home values have risen in recent years, as a whole, Arizona remains relatively affordable.

Today's Mortgage Rates in Arizona

Product Today Last Week Change
30 year fixed 6.50% 6.75% -0.25
15 year fixed 5.50% 5.63% -0.13
5/1 ARM 6.63% 6.63% 0.00
30 yr fixed mtg refi 6.62% 6.83% -0.21
15 yr fixed mtg refi 5.50% 5.63% -0.13
7/1 ARM refi 6.50% 6.63% -0.13
15 yr jumbo fixed mtg refi 2.99% 3.08% -0.09

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research

Enter your details below to estimate your monthly mortgage payment with taxes, fees and insurance.

Not sure how much you can afford? Try our home affordability calculator.

Total Monthly Payment

Monthly Payment
Over Time

Total Monthly Payment Breakdown

Based on a $350,000 mortgage

Taxes &
Other Fees
Payment (P&I)
Mortgage Payment (P&I)
Home Insurance
Homeowners Insurance
Mortgage Insurance (PMI)
Taxes & Other Fees
Property Taxes
HOA/Condo Fees
Total Monthly Payment

Mortgage Over Time

Based on a $350,000 mortgage

Remaining Mortgage Balance
Principal Paid
Interest Paid
Year 1

Enter your details below to estimate your monthly mortgage payment with taxes, fees and insurance.

Not sure how much you can afford? Try our home affordability calculator.

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Home Price
Down Payment
Mortgage Interest Rate
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Tax, Insurance & HOA Fees

Annual Property Tax
Annual Homeowners Insurance
Monthly HOA/Condo Fees

Other Financial Considerations

In addition to making your monthly payments, there are other financial considerations that you should keep in mind, particularly upfront costs and recommended income to safely afford your new home.

Recommended Minimum Savings

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Minimum Down Payment
Closing Costs
Estimated Cash Needed to Close
Recommended Cash Reserve
Total Recommended Savings

Recommended Minimum Income

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This is based on our recommendation that your total monthly spend for your monthly payment and other debts should not exceed 36% of your monthly income.

Housing Payment
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How We Got This Answer

  • About This Answer

    This calculator determines how much your monthly payment will be for your mortgage.

    We take your inputs for home price, mortgage rate, loan term and downpayment and calculate the monthly payments you can expect to make towards principal and interest.

    We also add in the cost of property taxes, mortgage insurance and homeowners fees using loan limits and figures based on your location. You can also manually edit any of these fees in the tax insurance & HOA Fees section of this page.

    We also calculate the way that your mortgage balance changes over time as you make payments towards principal and interest. These figures do not include the payments made to taxes or other fees.

    Have additional questions about this calculator? Feel free to email our expert at! more
  • Our Assumptions

    In order to create the best comparison with your finances in 2022 this calculator does not account for home value appreciation or inflation. more
  • Our Home Buying Expert

    Michelle Lerner Home Buying

    As SmartAsset’s home buying expert, award-winning writer Michele Lerner brings more than two decades of experience in real estate. Michele is the author of two books about home buying: “HOMEBUYING: Tough Times, First Time, Any Time,” published by Capitol Books, and “New Home 101: Your Guide to Buying and Building a New Home.” Michele’s work has appeared in The Washington Post,, MSN and National Real Estate Investor magazine. She is passionate about helping buyers through the process of becoming homeowners. The National Association of Real Estate Editors (NAREE) honored Michele in 2016 and 2017 with the award for Best Mortgage or Financial Real Estate Story in a Daily Newspaper. more
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Factors in Your Arizona Mortgage Payment

After you calculate your monthly principal and interest payments, you’ll add home insurance and property taxes. For the latter, Arizona is quite affordable, with the average homeowner paying $1,578 in property taxes. That’s $1,000 less than the national average. The average effective property tax rate in Arizona is 0.62%, but fully depends on the county you live in.

Arizona counties collect property taxes that include local jurisdictions, such as school districts, college districts, cities and state. The money collected goes to these districts to help pay for regular expenses as well as day-to-day operations.

In addition to property tax, you’ll have to pay homeowners insurance, which is often rolled into your monthly mortgage payment as part of your escrow account. According to, Arizona residents can expect to pay about $3,931 for their annual premium. Out of the U.S., Arizona ranks fourth for homeowners insurance cost in 2021. While you won’t find coastal issues in this landlocked state, you may experience wildfires or flash flooding, two of the insurance hazards in Arizona.

According to the Insurance Information Institute, Arizona is the fourth-most wildfire prone state as of 2021 when it came to number of wildfires. In 2020, more than 978,568 acres burned in the state. Arizona’s Department of Insurance has information regarding whether your fire-related loss is covered by your homeowners insurance policy.

Flooding, the other hazard in Arizona, is usually not covered by homeowners insurance. In Arizona, wildfire can alter the landscape which in turn can result in urban and flash flooding, according to the Arizona Department of Emergency and Military Affairs. You have to purchase flood insurance ahead of any disasters (policies take 30 days to go into effect), which you can do through the National Flood Insurance Program.

Costs to Expect When Buying a Home in Arizona

Before you even start paying your monthly home costs, you’ll have to contend with a number of costs during the homebuying process.

One of the first you’ll come across is paying for a home inspection. The average price for a home inspection in Phoenix, for example, is between $274 and $350. The cost depends on the square footage of the home. You can expect your home inspector to observe structural components (interior and exterior), plumbing, electrical, heating and cooling, interior walls, ventilation and appliances. For additional tests such as radon, pest or mold, you’ll pay additional fees.

Once you’ve finalized your offer and move forward with the home purchase, you’ll set a closing date with your lender. Along with signing paperwork, you’re responsible to pay the remaining fees for services involved with your homebuying experience. These are called closing costs. In Arizona, average closing costs as a percentage of home value vary on a county basis from 1.39% to 3.97%.

Average Closing Costs by County

CountyAvg. Closing CostsMedian Home ValueClosing Costs as % of Home Value
La Paz$2,614$79,2003.30%
Santa Cruz$3,383$151,2002.24%

Our Closing Costs Study assumed a 30-year fixed-rate mortgage with a 20% down payment on each county’s median home value. We considered all applicable closing costs, including the mortgage tax, transfer tax and both fixed and variable fees. Once we calculated the typical closing costs in each county, we divided that figure by the county’s median home value to find the closing costs as a percentage of home value figure.

Closing costs include origination fees, which is what your lender charges, and third-party fees, which will depend on what services you use during your home-buying journey. For the first, your lender can charge fees for loan processing, commitment, document preparation, tax service, origin points and underwriting. Some lenders charge for certain services, while others don’t, so shopping around before committing to a lender is prudent if you’re trying to save on costs.

Third-party fees include your attorney’s charges, flood certification, survey costs, appraisal and credit reports. This varies and will depend on what services you use during the transaction.

Most lenders also require title insurance, in the form of a loan policy. This protects the lender by covering the cost of the loan if a title defect causes you to lose your rights to the property. You can also buy an owner’s policy to protect your own interest in the title. Arizona has a document that helps homebuyers understand title insurance.

One last fee, which is usually the responsibility of the seller is real estate transfer taxes. Arizona, however, voted in 2008 to ban real estate transfer taxes, and in 2009, the Protect Our Homes Act was approved and signed into law.

Details of Arizona Housing Market

Despite being the last state in the contiguous U.S. to join the Union, Arizona has 7.408 million residents. The largest cities in Arizona include Phoenix, Tucson, Mesa, Glendale and Scottsdale. All but Tucson are in Maricopa County in the south-central region of the state. Tucson is about 115 miles southeast of Phoenix. In the northeast corner of the state, Arizona is home to the largest Native American Reservation in the U.S. The Navajo Nation Reservation crosses into New Mexico, Utah and Colorado. It’s not the only reservation, either. Arizona is home to the third-largest Native American population in the U.S. and has multiple reservations across the state.

Turning to Arizona’s housing market, you’ll notice some issues, mainly with foreclosures during the recession. But overall, the state has made headway in recovery. In SmartAsset’s Healthiest Housing Markets study, the state ranked 26th in the U.S. We looked at stability, affordability, risk and ease-of-sale factors to determine the rankings.

The good news is Arizona is considered one of the more affordable states to own property. Arizona’s median home value is $255,900, according to U.S. Census Bureau. Maricopa County is pretty close to the state average with a median home value of $242,700.

Local Economic Factors in Arizona

The Grand Canyon State isn’t just home to spectacular natural beauty and ideal weather, it’s also known for its growing gross domestic product and growing industries. The Arizona Commerce Authority lists aerospace and defense, tech, renewable energy, bioscience optics and photonics, business services and advanced manufacturing as top industries in the state. Arizona’s largest employers, according to AZCentral's list, include Banner Health, Walmart, Kroger and Wells Fargo & Co.

The state’s unemployment rate for the last year has hovered above the national average. In December 2021, Arizona’s unemployment rate sat at 4.1% compared to the national rate of 3.9%, according to the Bureau of Labor Statistics (BLS). In addition, Arizona’s per capita personal income (PCPI) was $49,648 in 2020 according to the Bureau of Economic Analysis.

If you work in Arizona, you’ll pay a state income tax as well as the federal income tax. Arizona levies taxes based on income brackets, with the lowest rate at 2.59% and the highest at 4.50%. There’s also sales tax, which Arizona levies as transaction privilege tax. It’s actually on the seller’s behalf to pay it, but most vendors pass the charge to customers. The statewide rate is 5.6% and counties can add additional percentages. Cities also have the authority to add an additional rate.

Planning your move to the Grand Canyon State? You can jump start your financial planning by comparing the cost of living. For example, if you’re moving from Salt Lake City, Utah to Phoenix, Arizona and you earn $65,000 a year, your cost of living will decrease by 1% on average, due to lower taxes in Arizona, but higher food and housing costs. However, if you move from Los Angeles, California to Phoenix or Tucson, you’d see average decreases of 13% and 17%, respectively. This is due to decreases in taxes, housing and food costs. And if you’re moving from Washington, D.C. to tech and defense hub Sierra Vista, Arizona, your cost of living decreases by a whopping 21%, on average.

Mortgage Legal Issues in Arizona

Arizona has moved away from the old doctrine of let the buyer beware, known as “caveat emptor,” and has certain buyer protections in place. One of them is requiring the seller to disclose material defects. The Arizona Association of Realtors has a sample property disclosure document you can read through to see what aspects of the home are covered. Sample questions include “Are you aware of any zoning violations,” and “are you aware of any past or present water heater problems?” The Arizona Department of Real Estate lists topics to research prior to purchasing real estate which includes homeowners association information, lead-based paint safety and sex offender information.

If you’re curious about Arizona’s foreclosure process, it can go two routes: judicial or non-judicial. The more common practice in Arizona is non-judicial foreclosure through a power of sale clause on a deed of trust, but judicial foreclosures are possible in some circumstances. The takeaway for homeowners is that the process is much quicker with non-judicial foreclosures as the lender doesn’t have to go through the court and initiate a lawsuit to foreclose. If you’re facing foreclosure in Arizona, you can call the help line or contact a housing counselor for advice.

Arizona Mortgage Resources

Available Resources

ResourceProblem or IssueWho Qualifies
Arizona Department of HousingOffers down payment assistance, 30-year fixed-rate mortgages at low rates and mortgage credit certificates for those who refinance.Homebuyers purchasing primary residences with a purchase price equal to or below a certain value.
Save Our Home AZ ProgramOffers principal reduction assistance, mortgage subsidy assistance, second lien elimination and short sale assistance.Homeowners with owner occupied, primary residences.
Home Affordable Refinance ProgramRefinancing.Single family homes and condos that fit within lending loan limits.
HUD Approved Housing Counseling AgenciesMortgage delinquency and resolution counseling; pre-purchase homebuyer education; rental housing counseling; reverse mortgage counseling.Homebuyers and owners who meet specific program qualifications.

Your first stop as a homebuyer is the Arizona Department of Housing to see if you qualify for any programs. This can include down payment assistance and lender programs for qualified buyers. Find information on home-buying topics such as how to find the right realtor and how to improve your credit score.

An option that’s available for rural homebuyers is the USDA. Find out if your income qualifies you for this government-backed loan.

If you’re already an Arizona homeowner, and you’re in danger of foreclosure, you can apply for the Save Our Home AZ Program. Eligible homeowners can qualify for principal reduction assistance, mortgage assistance, second lien elimination and more.

For those moving from out-of-state, get a head start on your budget with our Arizona paycheck calculator. If you’re reaching retirement age and have Phoenix or Scottsdale on your short-list for your retirement home, check out whether Arizona is retirement tax-friendly.