Calculate your monthly mortgage payment in Arizona using the 2026 median home price of $455K and current local rates. Adjust the inputs below. Formula shown, sources cited โ no account required.
Arizona's housing market has cooled from its pandemic-era frenzy, but median home prices remain elevated at $455,000 โ reflecting sustained demand from domestic migrants and a constrained supply of buildable land in the Phoenix and Tucson metros. Property taxes average just 0.62%, one of the more favorable rates in the Sun Belt, and Arizona does not impose a mortgage recording tax. Closing costs average 1.2% of the purchase price, which is among the lowest nationally. That low closing cost floor matters on a $455,000 purchase โ it keeps the amount due at signing near $5,460. First-time buyers should investigate the Home Plus program, which pairs competitive mortgage rates with down payment assistance of up to 5%. Use the mortgage calculator with Arizona's low property tax rate to get an accurate monthly estimate that includes taxes and insurance.
How Mortgage Payments Work in Arizona
A standard mortgage payment in Arizona is calculated using the amortization formula:M = P[r(1+r)^n] / [(1+r)^n - 1]
Where P is the loan principal, r is the monthly interest rate (annual rate รท 12), and n is the number of monthly payments. On a $455K home in Arizona with a 10% down payment at 6.51% over 30 years, your principal and interest payment comes to approximately $2,591/monthโ not including property taxes or homeowner's insurance.
Arizona's property tax rate of 0.62% adds roughly $235/month to your total housing cost on a $455K home. This rate is below the national average of ~1.1%, which helps keep total housing costs lower.
Arizona vs. National Average
| Metric | Arizona | National Avg |
|---|
| Median Home Price | $455,000 | $420,000 |
| Property Tax Rate | 0.62% | 1.07% |
| Avg Mortgage Rate | 6.51% | 6.85% |
| Cost of Living Index | 110.3 | 100 |