Monthly payment on a $1.5 million home in Carefree, AZ with 30% down

What you pay while the house is being built

With a construction-to-permanent loan you apply once and close once. During the build the lender releases money to the builder in stages called draws, each tied to completed work, and you pay interest only on what has been drawn so far. On a $1,050,000 loan at 7.75% over 12 months that comes to about $40,688 in total, starting near $565 in the first month and reaching about $6,781 in the last. Some lenders bill those payments monthly; others set up an interest reserve so nothing comes out of pocket until the loan converts. When the home is finished the loan becomes a standard mortgage, usually without a second closing.

Where these numbers come from

Property taxes use Carefree's average effective residential rate of 0.27% (Maricopa County), verified July 2026 (source). Insurance uses the Arizona average of about $600 per year per $100,000 of home value as of July 2026. The mortgage rate here is a fixed 6.5% assumption and the construction rate is 7.75%; both are editable in the calculator, which also loads the current 30-year fixed average. HOA dues are not included because they vary by community.

Arizona values property in the year before taxes are billed, and bills are paid in arrears in two installments (October 1 and March 1), so a newly built home's first tax bill is usually based on a valuation set before the house existed. Under ARS 42-15105, construction completed after the valuation snapshot is picked up later through a supplemental Notice of Value that the county assessor must issue by September 30 of the valuation year. As a result, the first bill or two often reflects the land only, and buyers should expect the bill to step up to the full home value within one to two years after closing.

Common questions

Estimates only, not a loan offer, quote, or preapproval. Jematell Homes is a home builder, not a lender or loan broker. Figures assume draws spread evenly across the build and exclude closing costs. Your lender's terms, your parcel's tax bill, and your insurance quote will differ.