Watcharu Finance

Phoenix, AZ mortgage & affordability calculator

The typical home in Phoenix, AZ is worth about $460,000. With 20% down that's a loan near $368,000 — the calculator is pre-filled with that figure. Phoenix ran up sharply in 2020 to 2022, cooled, and has been grinding higher again. Property taxes are low by national standards, so the tax portion of the payment is small relative to principal, interest, and insurance.

$2,389.29 / month

Total interest
$492,142
Total paid
$860,142
Payoff
30.0 years
Balance over YearBalance ends near $0 at 30.$0$92k$184k$276k$368k0612182430Year

How much you need to earn

Phoenix, AZ's median household income is about $78,000 a year. Under standard 28/36 lending rules that supports a home price around $316,357 with 20% down — below the $460,000 typical price, so many buyers need a larger down payment, a co-borrower, or a longer commute.

$316,408 max home price

Max loan amount
$224,408
Housing payment budget
$1,820
P&I budget
$1,457
Bound by
front-end ratio

Uses the 28% front-end / 36% back-end DTI guidelines. Lenders vary.

Typical asking rent in Phoenix, AZ is about $1,850 a month, so owning the median home costs roughly $903 more per month before tax effects, maintenance, and any change in home value.

Frequently asked questions

What is a typical mortgage payment in Phoenix, AZ?
On the metro's roughly $460,000 typical home with 20% down, the loan is about $368,000. Principal and interest run near $2,389 a month at today's rate, and Phoenix, AZ's property tax plus insurance add about $363, for a full payment near $2,753.
Can I afford a home in Phoenix, AZ on the median income?
The median household income is about $78,000 a year. Under standard 28/36 lending rules that supports a home price around $316,357 with 20% down — below the $460,000 typical price, so buyers often need a larger down payment or a co-borrower.
Is it cheaper to rent or buy in Phoenix, AZ?
Typical asking rent is about $1,850 a month. The full owner payment on a median home is near $2,753, so owning costs roughly $903 more per month before tax effects, maintenance, and any appreciation.
How much are property taxes in Phoenix, AZ?
The effective property tax rate in the core county is about 0.60% of market value — roughly $2,760 a year on the typical home. Your exact rate depends on the municipality and any exemptions.
Are home prices in Phoenix, AZ rising or falling?
Home values are up about 3% over the past year. Phoenix ran up sharply in 2020 to 2022, cooled, and has been grinding higher again. Property taxes are low by national standards, so the tax portion of the payment is small relative to principal, interest, and insurance.

Nearby metros

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