Monthly Payment on a $150K Mortgage in Arizona
Using Arizona's 0.62% property tax rate and $2,100/yr homeowners insurance.
$150K Mortgage in Arizona: Rate Comparison
Monthly PITI payment using Arizona's 0.62% property tax and $2,100/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $1,145 | $1,098 | $934 |
| 6.0% | $1,190 | $1,141 | $972 |
| 6.5% | $1,236 | $1,185 | $1,011 |
| 7.0% | $1,284 | $1,229 | $1,051 |
| 7.5% | $1,332 | $1,275 | $1,092 |
| 8.0% | $1,381 | $1,322 | $1,133 |
How This Compares to Arizona's Median
A $150K home is 61% below Arizona's median of $380K. This is well within reach in many Arizona communities.
Income Needed for a $150K Home in Arizona
To afford this payment of $1,185/mo in Arizona, you'd need a household income of approximately $51K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $50K salary can afford →Closing Costs in Arizona
Estimated closing costs in Arizona: $2K (1.6% of purchase price). Arizona has no transfer tax, which helps keep your upfront costs lower.
What to Know About a $150K Mortgage in Arizona
With 10% down ($15,000), your loan of $135,000 at 6.5% over 30 years produces a principal and interest payment of $853/mo. Adding Arizona's 0.62% property tax ($78/mo) and $2,100/yr insurance ($175/mo) brings your total to $1,185/mo. Because you're putting less than 20% down, PMI adds $79/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $172,185 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $16,152 over the life of the loan.