Current Avg. Rates: 6.46% 30-yr fixed|5.77% 15-yr fixed
Source: Freddie Mac Primary Mortgage Market Survey
Source: Freddie Mac Primary Mortgage Market Survey
Phoenix vs Austin: Mortgage Cost Comparison
Thinking about buying in Phoenix or Austin? Here's a side-by-side comparison of mortgage costs in both cities.
$2,432
Phoenix PITI
$3,155
Austin PITI
$724/mo
Difference
Your Monthly Payment (PITI)
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Principal + Interest + Tax + Insurance
Monthly Breakdown
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Property Tax
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Insurance
Loan Overview
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Total Interest
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Payoff Date
Bi-Weekly Option
? Pay half your monthly payment every two weeks — you'll make 26 half-payments (13 full payments) per year instead of 12
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Bi-Weekly Payment
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Total Interest
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Payoff Date
Phoenix vs Austin: Full Mortgage Comparison
Buying a home in Phoenix is $724/month cheaper based on average home prices and local costs.
| Phoenix, AZ | Austin, TX | |
|---|---|---|
| Avg. Home Price | $410,000 | $450,000 |
| Down Payment (20%) | $82,000 | $90,000 |
| Loan Amount | $328,000 | $360,000 |
| Property Tax Rate | 0.61% | 1.68% |
| Annual Property Tax | $2,501 | $7,560 |
| Annual Insurance | $1,800 | $3,000 |
| Monthly P&I | $2,073 | $2,275 |
| Monthly PITI | $2,432 | $3,155 |
| Total Interest (30yr) | $418,346 | $459,160 |
What Drives the Difference?
Home prices are the biggest factor — Austin’s average home costs $40,000 more than Phoenix’s.
Property taxes also favor Phoenix — Austin’s 1.68% rate is higher than Phoenix’s 0.61%.
Insurance is $1,200/year more in Austin.
Income Needed to Buy
Using the 28% rule (PITI under 28% of gross income):
| Phoenix | Austin | |
|---|---|---|
| Monthly PITI | $2,432 | $3,155 |
| Income needed | $104,211 | $135,233 |
Try Your Own Numbers
The calculator above is pre-filled with Phoenix’s averages. Adjust the values to match your situation, or try the Austin calculator for Austin-specific numbers.