Quick answer
The median home in Phoenix costs $415K. With 20% down ($83K) at 7% for 30 years, the monthly payment is $2,209/month. Total interest paid over 30 years: $463,170.
Calculator · AZ · 2026
Mortgage Calculator for Phoenix, AZ (2026)
Pre-filled with Phoenix's median home price of $415K. Compare payments across down payment sizes and loan terms at the current 7.0% baseline rate.
Last updated: April 23, 2026
Phoenix Mortgage Payment Scenarios
Median home price: $415K · Interest rate: 7% · Excludes property taxes and insurance.
| Down Payment | Down ($) | Loan Amount | 30-yr/mo | 15-yr/mo | Total Interest (30yr) |
|---|---|---|---|---|---|
| 5% | $20,750 | $394,250 | $2,623 | $3,544 | $550,014 |
| 10% | $41,500 | $373,500 | $2,485 | $3,357 | $521,066 |
| 20% | $83,000 | $332,000 | $2,209 | $2,984 | $463,170 |
PMI required for <20% down — add ~$100–300/month to payments above.
Rent vs Buy in Phoenix
Monthly cost comparison based on median prices — 20% down, 30-year mortgage at 7%.
Buying (median home)
+ builds equity in $415K asset
Renting (2-bedroom)
Flexibility to move; no equity built
Amortization Over Time
$415K home · 20% down ($332K loan) · 7% · 30 years
Year 1
Year 15
Year 30 (Final)
Frequently Asked Questions
What is the monthly mortgage payment for a home in Phoenix?
The median home price in Phoenix is $415K. With 20% down and a 30-year loan at 7%, the monthly payment is $2,209. Adding estimated property taxes and insurance brings total monthly costs to approximately $2,624.
Is it cheaper to rent or buy in Phoenix?
A 2-bedroom rental in Phoenix averages $1,720/month. Buying the median $415K home with 20% down costs approximately $2,624/month (mortgage + taxes + insurance) — $904 more than renting. However, buying builds equity while renting does not.
How much do I need to earn to buy a home in Phoenix?
Using the 28% housing rule, you need at least $95K–112K in annual gross income to comfortably afford the median $415K home in Phoenix with 20% down. You also need $83K+ saved for the down payment plus 2–5% in closing costs.
What are property taxes like in Phoenix?
AZ has a state income tax rate of 2.5%. Property taxes vary by county but on a $415K home, expect $346–$692/month in property taxes (1–2% annual rate). This is in addition to your mortgage payment.