Updated: November 11, 2024
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In Utah, San Juan County has the lowest median monthly mortgage payment at $1,170, while Summit County has the highest at $5,830. This difference can significantly affect your immediate budget and long-term financial health, influencing your ability to save and invest.
Using MoneyGeek's mortgage calculator in Utah can help you estimate your monthly mortgage payment, determine which loan term suits your financial situation better, and see how much interest you pay over your loan's lifetime.
Simply estimate your Utah loan payments, taxes and PMI.
Updated: Sep 4, 2024
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In Utah, San Juan County has the lowest median monthly mortgage payment at $1,170, while Summit County has the highest at $5,830 as of March 2024.
Using a mortgage calculator can help you find a monthly mortgage payment that fits your budget and estimate your total interest over the loan's life.
The average APR for a 30-year mortgage in Utah is 6.8%, and for a 15-year mortgage, it is 6.1%.
MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot to analyze rate information for Utah. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless otherwise stated, all rates are annual percentage rates (APRs).
See the sources cited for more details about data related to median mortgage payments, home prices, down payments and local tax rates.
Interest rate data was last updated in September 2024.
MoneyGeek's mortgage calculator in Utah can help you calculate your monthly mortgage payments, determine your mortgage's affordability, and understand your amortization schedule. This tool provides a clear financial path for potential home buyers.
Understanding your monthly mortgage payment involves several factors, like the home's sale price and your down payment. Let's explore how the Utah mortgage calculator simplifies this process.
The home price directly influences your monthly mortgage payment in Utah. A lower home price in San Juan County, at a median of $201,070, means lower monthly payments than in Summit County, where the median is $998,780, according to the National Association of Realtors.
The size of your down payment influences your monthly mortgage payment by reducing the loan amount. Utah's median down payment is $142,000, according to ATTOM data from June 2024.
Your Annual Percentage Rate (APR) impacts your monthly mortgage payment, with a lower APR resulting in lower payments. The current mortgage rates in Utah change over time and vary between loan types. For example, the average APR for a 15-year fixed mortgage is 6.1%, and for a 30-year fixed mortgage, it's 6.8%.
Shorter terms, like 15 years, often have higher monthly payments but result in less interest paid over the life of the loan. Conversely, a 30-year term typically has lower monthly payments but accrues more interest over time. Choosing the right term depends on your financial situation and goals.
Using the mortgage calculator in Utah, you can see that the monthly payment for a 30-year fixed rate mortgage on a $275,000 house, with a 20% down payment, is $1,434. This figure excludes additional costs like HOA fees and property tax.
Choosing a 15-year repayment term for your home loan adjusts your monthly mortgage payment to $1,868. This change puts more demand on your monthly budget but reduces your total interest paid over the life of the loan by $180,014, compared to a 30-year term.
Buying a home is one of the most substantial expenses you'll encounter, and your mortgage payments will take a significant portion of your monthly income. Understanding your mortgage's affordability can greatly impact your finances. That's where MoneyGeek's mortgage calculator for affordability comes in handy. By inputting your monthly income and other monthly debts, like car loans and student loans, you can quickly determine how much you can afford.
The calculator also shows your debt-to-income ratio, a metric that helps you understand how much of your income goes toward debt payments. This is important when planning to secure a mortgage. According to Experian, the average debt in Utah is $138,485, which translates to an average monthly debt of $11,540.
Mortgage amortization is the process of paying off a loan over time through regular payments.
Key terms:
MoneyGeek's mortgage calculator allows you to see your amortization schedule, helping you estimate the total interest you'll pay over the life of your loan in Utah. You can also see when your monthly payments begin to go more toward your principal versus your interest, which provides insight into your payment allocation over time.
Home buyers in Utah must account for additional mortgage fees when calculating monthly payments, as these can impact your budget. For example, mortgage insurance and HOA fees can increase your monthly total. Property taxes and homeowners insurance are other costs that could affect your budget effectively.
Homeowners Insurance
Homeowners insurance protects your property and personal belongings from damage or theft. It also provides liability coverage if someone is injured on your property. The average homeowners insurance in Utah is $1,168 per year.
Property Tax
Property tax is a levy on real estate that homeowners must pay to the local government. It funds public services like schools and infrastructure. According to the Tax Foundation, Utah's effective property tax rate is 0.57%, ranking it 43rd in the nation.
HOA Fees
HOA fees are payments to homeowners associations for property management, maintenance, and community amenities. These fees are typically paid monthly or annually.
Private Mortgage Insurance
Private mortgage insurance (PMI) protects lenders if a borrower defaults on a loan. It applies to conventional mortgages when the down payment is less than 20%. Borrowers must request cancellation once they reach 20% equity, or it will only be automatically removed at 22%.
The average APR for a 30-year fixed loan in Utah is 6.8%. For a 15-year fixed loan, it's 6.1%. Using MoneyGeek's PMI calculator, you can see that for a $275,000 home with a 10% down payment, borrowers with a credit score between 680 and 719 pay PMI worth $117 per month if they get a 30-year fixed rate loan. The amount becomes $115 if they opt for a 15-year loan instead.
MoneyGeek's mortgage calculator in Utah allows you to see your amortization schedule and determine when you can stop paying for the cost of private mortgage insurance:
Input the necessary information, such as the home's price, down payment, and mortgage rate in Utah. If you already know some fees you need to cover, such as property tax or HOAs, include these. If not, leave them blank but know that you'll still have to pay for these. Run the calculator and get your total monthly payment.
You can request that PMI be canceled when you've accumulated at least 20% equity in your home — this will be your target equity. To calculate your target equity, multiply your home's price by 20%.
Your down payment already contributes towards the 20% equity you need to request your PMI's cancellation. Deduct your down payment from your target equity to get the remaining amount.
Go to the third tab of the mortgage calculator. Move the slider until the principal paid exceeds your remaining equity required — that'll be the year you can stop paying for PMI.
Private Mortgage Insurance Calculator
Calculate your monthly private mortgage insurance (PMI) premium based on your credit score and down payment.
Let's say you put in an 8% down payment for a home in Utah priced at $350,000. With an average APR of 6.8% for a 30-year fixed-rate loan, your monthly mortgage payment is $2,099.
20% of $350,000 is $70,000 — that's how much you need in total to request your PMI's cancellation. Subtracting $28,000 (8% of $350,000) from $70,000 gives you $42,000 — that's how much you still need to pay to hit 20% equity. Assuming that your home's value remains the same over the years and that you consistently pay your mortgage, you can request your lender to cancel your PMI by Year 11.
Your mortgage is likely the biggest expense you face each month. For a $225,000 loan in Utah at 6.8% APR, you'll pay $1,434 monthly. However, reducing your APR by 0.25% brings your payment down to $1,398. This $36 difference in monthly payment can add up significantly — over a 30-year fixed-rate mortgage, you'll save $13,120 in total interest.
This example shows how to lower monthly mortgage payment effectively. Here are some strategies to consider:
Improve your credit score
Your credit score affects your mortgage payment. In Utah, if you put in a down payment between 5% to 20% of the home's sale price, the average APR for a 30-year fixed rate mortgage is 7.3% if your credit score is above 740. However, if your credit score is under 680, the average APR becomes 7.5%. This change in APR makes your monthly mortgage payments go from $1,508 to $1,538.
Save for a bigger down payment
Putting a bigger down payment may result in lower monthly mortgage payments. For a $225,000 loan in Utah, putting 8% down makes your APR 7.4%, resulting in a monthly mortgage of $1,752. Increasing your down payment to 25% puts your APR at 6.9% and a monthly mortgage of $1,358.
Choose a longer loan term
A longer loan term affects your monthly mortgage payment. A 15-year fixed rate mortgage in Utah has an APR of 6.1%. A 20% down payment makes your monthly mortgage payment $1,868. Compare this to $1,434, which you'll have to pay each month if you change loan terms to 30 years, even if your APR increases to 6.8%.
Explore homeownership assistance programs
You can find homeowners assistance programs in Utah that may help with your mortgage costs. Institutions like the Community Development Corporation of Utah and the Utah Housing Corporation offer various forms of assistance to eligible homeowners.
Understanding how to use a mortgage calculator can raise questions for potential borrowers, especially in Utah's housing market. We addressed commonly asked questions about mortgage calculators to help you better understand your mortgage options.
You can afford a mortgage in Utah based on your debt-to-income ratio (DTI). Generally, lenders prefer a DTI ratio below 36%.
The average mortgage debt in Utah is $294,227 (Experian, 2023).
The ideal down payment is 20%, but conventional loans typically require 3% to 20%. FHA loans require as little as 3.5%, while VA loans and USDA loans often require no down payment.
For a 15-year mortgage, PMI is about $115, and for a 30-year mortgage, it's around $117. PMI is typically required if your down payment is less than 20%.
Utah's effective property tax rate is 0.57%, ranking it 43rd nationally.
The median home price in Utah varies by county. San Juan County has the lowest median home price at $201,070, while Summit County has the highest at $998,780.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
