Arizona Mortgage Calculator
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Take the Next Step Towards Buying Your Home
Find out how much you qualify to buy, what your monthly payment will be and how much money you will need to buy your first home.
How to Use This Arizona Mortgage Calculator:
Use this Arizona mortgage calculator in order to get the best estimate of what a potential monthly payment will be on your first home in Arizona, we have set the default amounts to current averages for homes in Arizona. Read the instructions below for each of the components that make up the monthly mortgage payment:
Loan Amount – This amount is the same as the purchase price and is assuming
Down Payment – The down payment is the amount that you pay upfront when buying the home. The different loan programs require different amounts as a minimum down payment. USDA and VA loans do not require a down payment. FHA loans require a 3.5% down payment. If you are a first time home buyer in Arizona, conventional loans only require a 3% down payment. Otherwise, the minimum down payment for a conventional loan is 5%. If you do not want to have mortgage insurance, you have to typically put down 20%. For this calculator, you need to enter the down payment percentage and not the down payment amount. If you use a down payment assistance program, it will pay the down payment amount for you and you’ll still need to enter a down payment percentage for the calculator to work properly.
APR – APR stands for Annual Percentage Rate. For the purposes of this calculator, this is the interest rate of the loan. Enter an interest rate, but don’t enter a percentage sign (%).
Loan Term – This is the amount of time over which the loan will be paid back. This calculator requires that you enter years and not months.
Property Tax – In Arizona, you pay property taxes to the county where the home is located. Your rate will depend on the home you choose. Overall, the average property tax rate in Arizona is about .77%. Which is one of the lowest in the
Annual Home Insurance – This is an insurance policy that protects a homeowner from possible damages to the property and possibly includes personal liability coverage to protect against liability for injuries and property damage sustained on and off the property. You are required to buy this type of insurance policy when you buy a home in Arizona. It’s usually referred to as homeowner’s insurance or hazard insurance. The annual premium (amount paid each year) is collected as part of your monthly payments (1/12 of the total). The lender will collect this from you each month and hold it in an escrow account and use it to pay your insurance premium. For this calculator, enter the total annual premium amount, not the monthly amount and do not use a dollar sign.
Annual HOA Fee – HOA stands for Home Owners Association. If the home that you buy is located in a community that has a homeowners association, you’ll be required to pay
PMI – PMI stands for Private Mortgage Insurance – In order for banks to limit the risk of loss due to foreclosure, mortgage insurance is required for most types of loans when the buyer does not have a down payment of 20% or more. The amount that you’ll pay for a mortgage insurance policy depends on different things such as the type of loan you obtain, the amount you put down, the purchase price, the loan term
