Utah Mortgage Calculator

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. Input your purchase details to clearly see your financial commitment.

Mortgage Calculator

Simply estimate your Utah loan payments, taxes and PMI.

Updated: Sep 4, 2024

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30-Year Fixed

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Homeowner's insurance

PMI

HOA fees

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Get personalized mortgage rates from Utah.

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Key Takeaways

San Juan County has the lowest median monthly mortgage payment at $1,170, while Summit County has the highest at $5,830.

A mortgage calculator helps you find a monthly payment that fits your budget and estimate total interest over the loan's life.

The average APR for a 30-year mortgage in Utah is 6.4%, and for a 15-year mortgage, it is 5.9%.

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.

SEE MORTGAGE CALCULATORS IN NEIGHBORING STATES

How to Use Our Utah Mortgage Calculator

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.

Calculate Your Monthly Mortgage Payment

Understanding your monthly mortgage payment involves several factors, like the home's sale price and your down payment. Explore how the Utah mortgage calculator simplifies this process.

1
Home Price
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.
2
Down Payment
The size of your down payment influences your monthly mortgage payment by reducing the loan amount. Utah's median down payment was $101,600, according to ATTOM data from September 2024.
3
Annual Percentage Rate (APR)
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 5.9%, and for a 30-year fixed mortgage, it's 6.4%.
4
Loan Terms
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.

SAMPLE MONTHLY PAYMENT CALCULATION IN UTAH

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 $1,376. 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 $1,845. This change puts more demand on your monthly budget but reduces your total interest paid over the life of the loan by $163,369, compared to a 30-year term.

Determine Your Mortgage's Affordability

Buying a home is one of the most significant expenses you'll encounter, with mortgage payments taking a hefty slice of your monthly income. Understanding your mortgage's affordability is crucial for maintaining healthy finances. MoneyGeek's mortgage calculator for affordability can help you see how much you can comfortably afford by inputting your monthly income and other debts like car and student loans.

The calculator also reveals your debt-to-income ratio, a vital metric for anyone planning to secure a mortgage. This ratio shows how much of your income is tied up in debt payments. Experian puts the average debt in Utah at $138,485, which translates to an average monthly debt of $11,540.

See Your Amortization Schedule

Mortgage amortization is the process of paying off a loan over time through regular payments. Key terms are:

Principal: The loan amount you borrow. Understanding this helps you see how much you owe.
Interest: The cost of borrowing the principal. Knowing this shows the total cost of your loan.

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 vs. your interest, which provides insight into your payment allocation over time.

Additional Mortgage Fees in Utah

Homebuyers 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 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%.

How Much Is Private Mortgage Insurance in Utah?

The average APR for a 30-year fixed loan in Utah is 6.4%. For a 15-year fixed loan, it's 5.9%. 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 Utah mortgage calculator allows you to see your amortization schedule and determine when you can stop paying for PMI:

1
Calculate your monthly mortgage payment
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.
2
Calculate for your target equity
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%.
3
Determine the remaining equity required
Your down payment already contributes toward the 20% equity you need to request your PMI's cancellation. Deduct your down payment from your target equity to get the remaining amount.
4
Establish a timeline
Go to the Amortization tab of the mortgage calculator. Move the slider until the principal paid exceeds your remaining equity required — that's 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.

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WHEN CAN YOU CANCEL YOUR PMI?

Let's say you put in an 8% down payment for a home in Utah priced at $350,000. With an average APR of 6.4% for a 30-year fixed-rate loan, your monthly mortgage payment is $2,014. You need 20% equity to cancel PMI, equivalent to $70,000.

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 before the end of year 10.

How to Lower Your Monthly Mortgage Payment in Utah

Your mortgage is likely your largest monthly expense. For a $225,000 loan in Utah at 6.4% interest, you'll pay $1,376 each month. If you reduce your APR by 0.25%, your new monthly payment drops to $1,340. This $36 difference adds up, saving you $12,892 in total interest over a 30-year fixed-rate mortgage.

This example shows the value of learning how to lower monthly mortgage payments. Here are some strategies to consider:

Improve your credit score

Credit score affects your mortgage. In Utah, a down payment between 5% and 20% results in an average APR of 7.2% for a 30-year fixed-rate mortgage if your credit score is above 740. If your credit score is below 680, the APR rises to 7.5%. This change increases your monthly mortgage payments from $1,493 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 7.1%, resulting in a monthly mortgage of $1,700. Increasing your down payment to 25% puts your APR at 6.7% and a monthly mortgage of $1,331.

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 5.9%. A 20% down payment makes your monthly mortgage payment $1,845. Compare this to $1,376, which you'll have to pay each month if you change loan terms to 30 years, even if your APR increases to 6.4%.

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.

FAQ: Mortgage Calculations in Utah

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.

How much mortgage can I afford in Utah?

The mortgage you can afford in Utah depends on your debt-to-income ratio (DTI). Generally, lenders prefer a DTI ratio below 36%.

What is the average mortgage debt in Utah?

According to Experian, the average mortgage debt in Utah in 2023 was $294,227.

How much down payment do I need to purchase a house in Utah?

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.

Do you really need private mortgage insurance in Utah?

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%.

What's the effective tax rate in Utah?

Utah's effective property tax rate is 0.57%, ranking 43rd nationally.

What is the median home price in Utah?

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.

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