Quick answer
The median home in Mobile costs $175K. With 20% down ($35K) at 7% for 30 years, the monthly payment is $931/month. Total interest paid over 30 years: $195,312.
Calculator · AL · 2026
Mortgage Calculator for Mobile, AL (2026)
Pre-filled with Mobile's median home price of $175K. Compare payments across down payment sizes and loan terms at the current 7.0% baseline rate.
Last updated: April 23, 2026
Mobile Mortgage Payment Scenarios
Median home price: $175K · Interest rate: 7% · Excludes property taxes and insurance.
| Down Payment | Down ($) | Loan Amount | 30-yr/mo | 15-yr/mo | Total Interest (30yr) |
|---|---|---|---|---|---|
| 5% | $8,750 | $166,250 | $1,106 | $1,494 | $231,934 |
| 10% | $17,500 | $157,500 | $1,048 | $1,416 | $219,727 |
| 20% | $35,000 | $140,000 | $931 | $1,258 | $195,312 |
PMI required for <20% down — add ~$100–300/month to payments above.
Rent vs Buy in Mobile
Monthly cost comparison based on median prices — 20% down, 30-year mortgage at 7%.
Buying (median home)
+ builds equity in $175K asset
Renting (2-bedroom)
Flexibility to move; no equity built
Amortization Over Time
$175K home · 20% down ($140K loan) · 7% · 30 years
Year 1
Year 15
Year 30 (Final)
Frequently Asked Questions
What is the monthly mortgage payment for a home in Mobile?
The median home price in Mobile is $175K. With 20% down and a 30-year loan at 7%, the monthly payment is $931. Adding estimated property taxes and insurance brings total monthly costs to approximately $1,106.
Is it cheaper to rent or buy in Mobile?
A 2-bedroom rental in Mobile averages $1,250/month. Buying the median $175K home with 20% down costs approximately $1,106/month (mortgage + taxes + insurance) — $144 less than renting. However, buying builds equity while renting does not.
How much do I need to earn to buy a home in Mobile?
Using the 28% housing rule, you need at least $40K–47K in annual gross income to comfortably afford the median $175K home in Mobile with 20% down. You also need $35K+ saved for the down payment plus 2–5% in closing costs.
What are property taxes like in Mobile?
AL has a state income tax rate of 5%. Property taxes vary by county but on a $175K home, expect $146–$292/month in property taxes (1–2% annual rate). This is in addition to your mortgage payment.