Utah Mortgage Calculator
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Disclaimer: This calculator provides estimates for informational purposes only. Actual payments may vary based on your credit score, loan type, property taxes, insurance rates, and other factors. Contact Hometown Mortgage Co. for a personalized quote.
Utah Mortgage Payment Questions
Most payments include four parts: principal, interest, property taxes and homeowners insurance (often called PITI). Many loans also add mortgage insurance (PMI on conventional loans with less than 20% down, MIP on FHA loans), and some homes have HOA dues. This calculator includes taxes, insurance and PMI so the estimate is closer to what you'll actually pay.
Utah's property taxes are among the lowest in the country, with an average effective rate of roughly 0.58% of market value per year. A home you live in as your primary residence is taxed on only 55% of its market value. Rates vary by city and tax district, so the calculator starts at a conservative 0.8%; your county assessor can give you the exact figure for a specific home.
No. Utah doesn't charge a state real estate transfer tax or mortgage tax, which helps keep closing costs lower than in many states. You'll still pay normal closing costs such as lender fees, title insurance, recording fees and prepaid taxes and insurance.
It depends on your income, debts, down payment and the loan type. Lenders look at your debt-to-income ratio (DTI): many programs allow total monthly debts, including the new house payment, of up to about 43% to 50% of gross income. Try our DTI calculator, then call us for a pre-approval based on your real numbers.
Often less than 20%. FHA loans allow 3.5% down with a 580+ credit score, qualifying first-time buyers can put 3% down on a conventional loan, and eligible veterans and rural buyers may qualify for $0 down with VA or USDA loans. Utah down payment assistance programs can help cover the rest.