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Considering a home in Phoenix? Our mortgage calculator helps you estimate monthly payments, total costs, and how factors like down payments and interest rates affect your purchase.
Key Takeaways
• A Phoenix mortgage calculator provides estimates for monthly payments, total costs, and the impact of down payments and interest rates.
• Your total monthly mortgage payment typically includes principal, interest, and property taxes, with potential additional costs like homeowners insurance, private mortgage insurance (PMI), and HOA fees.
• A higher credit score can lead to a lower mortgage interest rate, which in turn reduces your monthly payments and the overall loan cost.
• Loan terms, usually 15 or 30 years, influence both monthly payments and total interest paid. Shorter terms mean higher monthly payments but less interest over time.
• Exploring down payment assistance programs can significantly ease your initial financial burden.
Phoenix Mortgage Calculator
Calculator Definitions
• Home price: This is the agreed-upon purchase price with the seller, which might differ from the listing price or your initial offer. Accurate input is essential for an accurate home loan payment estimate.
• Down payment: The upfront amount paid by the homebuyer, usually a percentage of the total purchase price (commonly between 3% and 20%). A larger down payment can lower your loan amount and potentially your interest rate, while a smaller down payment may be more accessible for first-time buyers.
• Loan term: The duration for repaying the mortgage. A 15-year term results in higher monthly payments but significantly less total interest. A 30-year term offers lower monthly payments, often making it more manageable.
• Interest rate: The cost of borrowing, expressed as a percentage of the home loan. A lower interest rate considerably reduces monthly payments and the overall loan cost.
• Annual property tax: A significant part of your monthly mortgage payment. Phoenix typically has lower property taxes than many other cities, but they still affect your budget.
• Total monthly payment: Our calculator’s total monthly payment includes principal, interest, and property taxes. It might also include private mortgage insurance (PMI), homeowners insurance, and homeowners association (HOA) fees.
• Total interest paid: The cumulative interest paid over the life of the home loan. This amount can be substantial, especially for longer terms. To reduce it, consider strategies like lump-sum payments, refinancing to a lower rate, or choosing a shorter loan term.
• Total loan cost: The complete amount you’ll repay for the home loan, encompassing both the principal and total interest paid. This cost varies based on loan term, interest rate, and down payment. Shorter loan terms generally lead to a lower total loan cost despite higher monthly payments.
How to Use the Phoenix Mortgage Calculator
To effectively use the Phoenix mortgage calculator, input the home price, down payment percentage, loan term, and interest rate. The calculator will then estimate your monthly payment, total interest paid, and the total loan cost. Here’s a step-by-step guide to calculating your total monthly payment:
Step 1: Enter Your Home Price
Input the property’s purchase price. This is the amount you intend to pay for the home, not your loan amount.
Step 2: Select a Down Payment Amount
Enter the down payment you plan to make. A higher down payment leads to lower monthly payments. A down payment calculator can assist in this decision.
Step 3: Choose a Loan Term
Select the repayment period for your home loan. Most consumers opt for a 30-year or a 15-year term. A 15-year term means higher monthly payments but less interest paid overall, while a 30-year term offers lower monthly payments but higher total interest over the loan’s life.
Step 4: Enter an Interest Rate
Input your desired interest rate, down to the second or third decimal point. This directly impacts your monthly payment and total loan cost. For large loan amounts (over $800K), research rates for jumbo loans.
Step 5: Add Your Annual Property Tax Rate
Enter the annual property tax rate percentage. Arizona’s average effective rate is 0.44%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps estimate monthly payments based on loan amount, interest rate, down payment, and loan term. This aids in cost comparisons, like assessing interest rate and down payment impacts. Comparing loan terms reveals how duration affects expenses and total interest paid over the life of the loan.
Mortgage calculators are also particularly useful for first-time homebuyers, who may not be aware of all that goes into a mortgage payment and how that payment is determined.
Keep in mind, though, that the calculator is designed for fixed-rate mortgages. If you choose a loan with a variable rate, your payment will not remain the same throughout the life of the loan.
In Phoenix, the median home sale price was $445,000 in August 2025. Lenders suggest that housing costs (mortgage, taxes, insurance, HOA) should not exceed 28% of your gross monthly income. To afford a $445,000 home with a 20% down payment ($89,000), you would need an annual income of around $102,000, assuming a 30-year mortgage at 7.00%, with payments near $2,400.
Using a home affordability calculator can help you estimate what you can afford. A home affordability calculator estimates your home-buying power based on your income, expenses, down payment, and current mortgage rates.
It can also be useful to go through the mortgage preapproval process with a potential lender to get a clear picture of how much of a loan you can afford.
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:
Components of a Mortgage Payment
The main components of a mortgage payment include the principal, interest, and property tax. The mortgage principal is the borrowed amount, and interest is the cost of borrowing. Property tax, which can vary by location, is typically a percentage of the home’s assessed value. In Phoenix, the property tax rate is around 0.44%. Your monthly payment may also include private mortgage insurance (PMI), homeowners insurance, and homeowners association (HOA) fees.
If you’re considering an FHA loan, you may want to use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums.
Likewise, a VA mortgage calculator can be helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
The Cost of Living in Phoenix
Phoenix’s cost of living is 7% higher than the national average. In all major expense categories, Phoenix is above average, with housing being 15% higher than the national average. Health care is the only expense that falls below the national average.
The city has a cost of living index of 106.3 (the average cost of living in the U.S. is 100 on this scale). Here’s how Phoenix compares to the national average in other areas:
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.
If you’re buying your first home in Phoenix, there are several down payment assistance programs available to help you cover the initial costs. These programs can provide financial aid for the down payment, closing costs, or both. To qualify, you typically must not have owned a primary residence within the past three years.
If you’re looking to lower your monthly mortgage payment, here are some effective tips to help you save money and manage your home loan more efficiently:
• Drop private mortgage insurance (PMI). If your down payment was less than 20%, you need to reach 20% equity in your home in order to get rid of private mortgage insurance. You can do this through regular payments or home appreciation.
• Consider mortgage recasting. If you receive a bonus or other windfall, making extra payments toward your mortgage principal can lead to a new, smaller balance, which translates to lower monthly payments.
• Appeal your property taxes. If you believe the assessment is too high or inaccurate, you can appeal your property taxes. This process involves formally challenging the annual city property tax assessment to potentially lower your overall tax bill.
• Modify your loan if you are facing financial hardship. Your lender may agree to extend the term of your loan, which can lower your monthly payments and provide some breathing room.
• Refinance your mortgage. If you’ve built your credit score or rates have improved since you purchased your home, consider refinancing your mortgage. A lower interest rate can significantly decrease your monthly payments.
• Shop for a lower homeowners insurance rate. You can potentially lower your premium by increasing your deductible amount, bundling your homeowners insurance policy with your auto insurance policy, or making certain upgrades that enhance your home’s security features or storm resistance.
The Takeaway
Using a Phoenix mortgage calculator can help you determine what your monthly mortgage payment will look like based on down payment, interest rate, and loan term. Whether you’re a first-time homebuyer navigating the market or a seasoned homeowner considering refinancing, this calculator helps you fully understand the true cost of homeownership.
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.
The average monthly payment in Phoenix was $3,000 in early 2025. However, monthly payments vary based on several factors such as the home price, the size of the down payment, and prevailing interest rates.
How does my credit score affect my mortgage loan interest rate?
Your credit score plays a significant role in determining your interest rate on a mortgage loan. A higher credit score can secure a lower interest rate, reducing your monthly payments and the total cost of the loan. Conversely, a lower credit score may result in a higher interest rate, making the mortgage more expensive.
How much should I put down on a mortgage?
The amount you should put down on a mortgage depends on your financial situation and the type of loan you choose. A down payment calculator can help you estimate the ideal down payment based on your income, debts, and the home’s price. A higher down payment can reduce your monthly payments and the total interest you pay, while a lower down payment may be more feasible for first-time buyers.
How can I get a lower mortgage interest rate?
To get a lower mortgage interest rate, focus on building your credit score. A higher credit score can secure a better interest rate, reducing your monthly payments and the total cost of the loan. Additionally, shop around for lenders to find the best rates, and consider refinancing if market conditions are favorable. Making a larger down payment can also lower your interest rate by reducing the loan-to-value ratio.
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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