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When you’re thinking about buying a home, you need clear, helpful information to make the best financial choices for your individual situation. Our Arizona mortgage calculator lets you find the monthly and overall costs for different mortgages in minutes so that you can compare and contrast your options effectively. Free and easy to use, the calculator can be one of the most important tools you’ll rely on during your search. Let’s take a closer look.
Key Points
• Mortgage calculators can help you determine monthly and overall costs for different mortgages when you input factors like home price, down payment, loan term, and interest rate.
• Lenders prefer your mortgage payments to be less than 28% of your gross monthly income.
• Mortgage payments may include principal, interest, property taxes, homeowners insurance, and potentially private mortgage insurance (PMI), or homeowners association (HOA) fees.
• Options that may help you reduce mortgage payments include dropping PMI once you reach 20% equity, appealing high property taxes, and refinancing to a lower rate, among others.
• First-time homebuyers in Arizona may be able to access a variety of financial assistance programs offered through the state and local organizations.
Arizona Mortgage Calculator
Calculator Definitions
• Home price: This is the purchase price for the property that you and the seller agree on. As the final price, it will probably differ from both the initial listing price and the amount of your first offer.
• Down payment: This is the amount that you pay upfront for the property, often expressed as a percentage of the total purchase price. Most buyers put down between 3% and 20%. A down payment of 20% or more will let you avoid paying private mortgage insurance (PMI). Down payment assistance programs may be available to help you cover this cost.
• Loan term: This is the length of time you have to repay your home loan, usually 15 or 30 years. A shorter term means higher monthly payments but less interest charged over the life of the loan. A longer term can make monthly payments more manageable but cost more in the long run.
• Interest rate: This is the cost of borrowing money and is typically expressed as a percentage of the total loan amount. The rate a lender offers you will depend on market trends and your personal financial situation, among other factors.
• Annual property tax: Property tax is levied by local governments on land and buildings and is generally expressed as a percentage of a property’s assessed value. Find your property tax rate by searching online for the town, county, or ZIP code where the property is located and “effective property tax rate.”
• Monthly payment: The amount you’ll pay your lender each month includes both mortgage principal and interest. It may also cover estimated property taxes, homeowners insurance, and possibly any homeowners association (HOA) fees. If your down payment was less than 20% and you need to pay for private mortgage insurance (PMI), that’s generally also part of the monthly payment.
• Total interest paid: This figure is the cumulative amount of interest you’ll pay over the entire duration of the loan. That amount can be substantial, especially with longer loan terms. Opting for a larger down payment or a shorter loan term can reduce the total interest paid over time.
• Total loan cost: This is the entire amount you’ll pay during the life of the loan, including the principal amount you borrowed and all the interest accrued throughout the loan term. Factors like loan term length, interest rate, and down payment amount all play into the total loan cost.
How to Use the Arizona Mortgage Calculator
Using the calculator is quick and easy. Just follow these step-by-step instructions. And don’t worry — the calculator is free, and accessing it won’t affect your credit rating.
Step 1: Enter your home price
Input the purchase price you’ve agreed on with the seller to generate an estimate of your monthly payments and overall loan costs.
Step 2: Select a down payment amount
Choose the down payment percentage you’d like to pay to see how it affects your monthly mortgage payment and total interest paid. A down payment calculator can help you decide.
Step 3: Choose a loan term
Select a 15- or 30-year term to see how it impacts your monthly payments and total interest costs.
Step 4: Enter an interest rate
Input your desired interest rate to the second or third decimal point to see its impact on your monthly payment and total loan cost. If you are purchasing a very expensive property, you may want to look specifically at rates likely to be available for a jumbo loan.
Step 5: Input your annual property tax
Enter the annual property tax rate percentage to get an accurate estimate of your monthly mortgage costs. For example, if your rate is 0.44%, input 0.44.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator can be extremely helpful as you determine how much house you can afford. It’s especially useful when you’re buying your first home. The calculator will show you an estimate of how much your monthly payments will be, depending on a specific mortgage amount, interest rate, and term. You can use the tool to compare different loan amounts and interest rates and how much impact each combination might have on your monthly budget.
This calculator is designed for fixed-rate mortgages, so if you choose a type of mortgage loan that has a variable interest rate, you can still estimate your costs with this calculator, but the results will be less precise due to the fluctuations of a variable rate.
In Arizona, with a median home sale price of about $439,000 in late 2025, how affordable a home is for you depends in large part on your income. Lenders prefer that your mortgage payments are less than 28% of your gross monthly income.
For a $439,000 house with a 30-year mortgage term at a 7.00% interest rate, assuming a 20% down payment, you’d typically pay $2,337 per month. To follow the 28% rule, this would mean you’d need to make approximately $100,157 annually. Lenders would also like to know that your total debt will stay, ideally, below 36% of your gross income; Here, that will leave you just under $668 for other debts.
You can also try a home affordability calculator to get an estimate of how much house your income allows you to afford.
It may also be helpful to know that going through the mortgage preapproval process with a prospective lender is another way to get a clear picture of how large a loan you can afford.
Components of a Mortgage Payment
The major components your mortgage payment goes toward paying will be the principal amount you borrowed and the interest your lender charged. This Arizona home mortgage calculator also includes your property taxes, which are often part of the monthly payments you pay to your mortgage servicer. Potentially, the payment might also include homeowners insurance and private mortgage insurance (PMI) or homeowners association (HOA) fees, depending on what’s relevant.
If you’re looking at home loans guaranteed by the Federal Housing Administration (FHA), use an FHA mortgage calculator, which allows for that type of loan’s mortgage insurance premiums.
Similarly, a VA mortgage calculator may be useful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Cost of Living in Arizona
The cost of living in Arizona can impact how much house you can afford. While Arizona is fairly expensive compared to the average cost of living in the U.S., it offers a range of housing options, even if it’s not one of the best affordable places in the U.S. You can see that in this breakdown of the cost of living in Arizona’s major metropolitan areas, according to the Council for Community and Economic Research’s Cost of Living Index (COLI).The COLI is measured on a scale on which 100 is the national average.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
There are steps you can take that may help lower your monthly mortgage payment, depending on your individual situation.
• Explore down payment assistance programs. Don’t be discouraged that many of these are specific to buyers who qualify as first-time homebuyers. In many cases that category includes people who haven’t owned a primary residence in the last three years. A larger down payment can mean lower monthly payments and even help you avoid paying mortgage insurance.
• Drop PMI as soon as possible. If you’re paying private mortgage insurance on your mortgage, once your home equity reaches 20%, you can request that your lender cancel it.
• Recast your mortgage with a lump sum payment. If you get a windfall and apply it toward your mortgage, you can request that your lender recast your loan, meaning that it will reamortize it while keeping your rate and term the same. This typically lowers your payments.
• Appeal high property taxes. If you believe your property was assessed at too high a value and you’re being taxed too much, you can appeal and ask that your property be reassessed.
• Consider a mortgage refinance. If you already have a mortgage, and rates drop significantly or your credit improves, you may be able to score a better rate and lower payments.
• Shop for cheaper homeowners insurance. You can look for a carrier who charges less, raise your deductible, or bundle policies to obtain a discount.
If you’re interested in purchasing your first home or if you haven’t owned a primary residence in the past three years, there’s a good chance you’ll be able to find some assistance in Arizona. In particular, the area has a number of down payment assistance programs that provide financial aid for your down payment, closing costs, or both.
Programs for first-time homebuyers in Arizona may be on the state level but are often local, so it’s worth investigating options in the county or town where you’d like to live. Some programs are restricted to first-timers and people with limited incomes, but others serve a wider audience.
The Takeaway
Using an Arizona mortgage calculator can be a smart strategic move when you’re planning your home purchase. The tool helps you estimate monthly payments, understand the impact of different down payments, and explore various loan terms. By factoring in local property taxes, it can give you a more comprehensive view of the financial obligations attached to different loans. Whether you’re a first-time homebuyer or a homeowner looking to refinance, this calculator can provide the valuable insights you need to help you make informed decisions and achieve your homeownership goals.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
How does my credit score affect my mortgage loan interest rate?
Your credit score has a significant impact on your mortgage interest rate. Higher scores generally lead to lower rates, reducing the total cost of your loan.
What are principal and interest on a mortgage loan?
The principal is the original amount borrowed by the homebuyer, and the interest is the cost of borrowing that amount, usually expressed as a percentage of the principal.
How much should I put down on a mortgage?
Conventional home loans often require a minimum down payment of 3%, but putting down 20% can eliminate the need to pay private mortgage insurance (PMI).
How much is a $600,000 mortgage payment for 30 years?
A $600,000 mortgage with a 30-year fixed rate at 7.00% would result in a monthly payment of approximately $3,992. This estimate doesn’t include property taxes, homeowners insurance, or HOA fees.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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