Arizona Mortgage Calculator with Down Payment Assistance

Are you trying to find an Arizona mortgage calculator with down payment assistance? You may have looked on many different websites, but if you do not know how to make the most out of them, they might seem useless to you. So, get to know how to use this AZ mortgage calculator.

Consider the different ways that it may help you in your decision-making process while deciding if you can and should buy a home.

Use Our AZ Mortgage Calculator to Know What You Can Afford

It isn’t uncommon to feel intimidated when you talk to a loan officer in Arizona and he or she starts to talk about the details of your loan and the monthly mortgage payment.  But, this doesn’t need to be the case.  One of the benefits of our AZ mortgage calculator is that you can educate yourself before getting prequalified to buy a home.  You can simply enter your information into our mortgage calculator so you can see what purchase price produces a payment that you can afford.

Many loan officers in Arizona will prequalify you for the largest loan amount that you can get.  However, this may not be an amount that you want.  You want to use the mortgage calculator to come up with a monthly mortgage payment that is more to your liking.  As such, you can let your loan officer know where you want to be with confidence.

What Down Payment is Required to Buy a Home in Arizona?

The minimum down payment required varies depending on the loan program that you choose.

• Conventional loan down payment amount (traditional with no mortgage insurance) = 20%
• Conventional loan minimum down payment (traditional minimum down payment) = 5%
• Conventional loans for Arizona first time home buyers minimum down payment = 3%
• FHA loans minimum down payment = 3.5%
• VA loans minimum down payment = 0%
• USDA loans minimum down payment = 0%

Down payment assistance is available for all of these loan types.

Conventional Loan Calculator in Arizona

Conventional loans typically require a 5% down payment. However, there are flexible conventional loans programs designed for to help Arizona first time home buyers that only require 3% down.

If you buy a house in Arizona using a conventional loan, you are required to pay private mortgage insurance if your down payment is less than 20% of the purchase price.  The cost of the private mortgage insurance typically ranges between .55% and 2% of the starting loan amount depending on different variables such as your credit score and down payment amount.  Some of the conventional loan programs that are designed specifically for first time home buyers have reduced mortgage insurance premiums so your monthly payments are more affordable.

FHA Loan Calculator in Arizona

Arizona FHA loan calculators should take into consideration that the minimum down payment requirement for an FHA loan is 3.5%.  It should also properly account for mortgage insurance.  There is an upfront mortgage insurance premium of 1.75% for FHA loans as well as an annual premium of .85%.  Our Arizona mortgage calculator uses that rate for our calculation.

VA Loan Calculator in Arizona

VA loans typically are zero down loans.  They do not require mortgage insurance.  However, VA does charge a funding fee. 

USDA Loan Calculator in Arizona

USDA loans are still a popular choice if you are buying a home in a rural part of Arizona.  They do not require a down payment and the guarantee fee that they charge is very low.  This helps keep your payments affordable. The current USDA upfront guarantee fee is 1% and the annual guarantee fee is .35%

Arizona Home Loan Calculator

Arizona home loan calculator that provides you with the payment that you will have on a particular loan and can help you determine if a house you are thinking about buying is right for you. When you put in the price of the home that you want to buy, along with the other necessary information, such as the real estate taxes and homeowner’s insurance costs, you will get an accurate mortgage payment estimate. Of course you’ll want to confirm today’s rates that are available. Interest rate in Arizona can change daily so contact us to confirm today’s rates.

What Does an Arizona Mortgage Payment Calculation Consist Of?

Principal and Interest: Principal is the part of your monthly mortgage payment that pays down the balance of the loan. Interest is the cost of borrowing the money paid to the lender.

Homeowner’s Insurance: When you buy your home, part of your monthly payment will include payments to collect the cost of the homeowner’s insurance (also known as hazard insurance) policy. Homeowner’s insurance covers damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people.
In Arizona, an annual policy usually runs between $500 and $800. Our Arizona mortgage calculator uses the average of that range for the calculation.

Property Taxes: As a home owner, you will pay property taxes on your home. In Arizona, it is usually paid through the county assessor where the property is located. Property taxes are collected twice a year (October and March). When you make your monthly mortgage payment, it will include the estimated monthly amount needed to collect the amount needed to pay your taxes when they are due. For example, if your half-year tax payment is $600 then your monthly mortgage payments should be $100.
Your exact tax rate on your home depends on where your home is located. The tax rate for each home is comprised of the state, county, municipal, school, and special district rates. The average overall tax rate on homes in Arizona is typically somewhere between .85% and 1.5% of market value. This is an estimated amount because property taxes are levied based on assessed value. Our Arizona mortgage calculator uses the average of the range stated above for the calculation.

Mortgage Insurance: Depending on your loan type and scenario, you may have to pay monthly mortgage insurance on your loan. Mortgage insurance, or private mortgage insurance (PMI), is a type of insurance that is protects the lender if the borrower stops making payments on the loan and the home ends up in foreclosure. Mortgage insurance is common on conventional loans with less than a 20% down payment and on FHA loans. The current fha mortgage insurance rate is .85% for the annual premium. Our Arizona mortgage calculator uses that rate for our calculation.