Utah Mortgage Calculator: Estimate Your Monthly Payment

Updated: January 18, 2024

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If you’re applying for a mortgage to buy a home in Utah, you’ll be paying other fees besides your loan’s principal and interest payment. You should also include real estate taxes, insurance premiums and homeowners association fees in your budget.

Utah has the seventh priciest home value in the U.S., even though it has a relatively affordable property tax rate of 0.63%. In Utah, monthly mortgage payments are $102 more expensive compared to the national average. Homeowners insurance in Utah costs approximately $1,081 per year, while HOA dues vary based on your location.

You can use MoneyGeek’s Utah mortgage calculator to know how much you’ll need to pay if you decide to purchase a house. Our tool lets you change the down payment amount and loan term, and input additional fees. We also have resources that can help you make more informed decisions in your home buying journey.

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WHAT WE CAN HELP WITH

Start Here: Plug In Your Mortgage Factors

MoneyGeek’s Utah mortgage calculator uses 12 relevant factors to provide a general estimate of your monthly mortgage payment. We’ve defined each of those factors to help you understand what they mean.

Mortgage Calculator

Simply Estimate Your Loan Payments, Taxes & PMI.

Updated: Sep 9, 2024

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By Mandy Sleight, Licensed Insurance Agent

Please enter a valid US Zip Code
30-Year Fixed

Optional: add taxes, insurance, HOA Fees

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Next Steps

Get personalized mortgage rates from Utah.

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Why and How to Use Our Mortgage Calculator

Utah has relatively expensive property prices and the average home value in the state is $351,100. You can use MoneyGeek’s Utah mortgage calculator to estimate how much you need to pay each month after buying your house. This is an important step that you should make before deciding on your purchase, as it ensures you have the means to pay for the house.

Our calculator determines rates using your home price or mortgage amount and allows you to adjust your preferred loan term. It breaks down how much of your payment goes to the principal and interest. You can also add additional fees like property taxes, homeowners insurance and homeowners association (HOA) dues.

1
Home Price:

This refers to your home’s selling price or your desired loan amount.

2
Down Payment:

You can input the initial payment you need to make before taking out the loan. You can place either a percentage or an amount in dollars.

3
Interest Rate:

This refers to your loan’s interest rate. You can use MoneyGeek’s daily mortgage rate reports or obtain quotes from mortgage lenders to have an estimate.

4
Loan Terms:

You can input the number of years you’re looking to pay the loan. The most common are 15 and 30, but you can also choose 20 and 25.

5
Payments per Year:

This refers to the number of payments you’ll make on the loan. The most common is paying for it monthly, or 12 times a year.

6
Property Tax:

You can input here Utah’s average annual property tax at $1,362.

7
HOA Fees:

If your potential home has homeowner’s association (HOA) dues, you should include it under “Other Fees.”

8
Principal & Interest:

The principal refers to the amount of money that pays for the loan, while the interest is the money you’re paying to the lender.

9
Monthly Payment:

This refers to the amount you’re paying monthly for your house, which includes the principal, interest, taxes, home insurance and HOA fees.

10
Principal Payment:

This is the part of your monthly mortgage payment that reduces your total loan balance.

11
Interest Payment:

This is the part of your monthly mortgage payment that goes into paying your interest charges.

12
Total Cost with Interest:

This refers to the total of your principal balance repayment and interest paid.

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WHAT YOU CAN DO TO LOWER YOUR MONTHLY PAYMENT

If you find your calculated monthly payment too expensive, you can do several things to lower your mortgage costs.

  • Less expensive house. Buying a less expensive house will decrease your monthly payments because that requires taking out a smaller loan.
  • Different location. Utah has the seventh most expensive home prices in the U.S. at $351,100. If the Utah housing market is beyond your budget, you could consider buying a house in a state with more affordable property prices.
  • Find a lower interest rate. Some lenders may offer you lower interest rates by having a larger down payment. You can also improve your debt ratio and credit score before applying for a loan to have a better rate.
  • Extend your loan terms. The lengthier your loan term, the lower your monthly payments are. However, stretching your loan term will also result in more interest payments.

Next Steps: What to Do After You Have Estimated Your Mortgage Payments

Purchasing a house is a major financial decision. That’s why MoneyGeek compiled resources to help future homeowners at each stage of their journey.

  1. Shop & Compare Rates - Shopping around and comparing interest rates from various lenders is the best way to access the lowest offers. Visit our Utah mortgage rate page for more details.
  2. Not Ready to Buy? - Carefully examine if you’re financially prepared to buy a house. If not, renting may be a better option.
  3. Learn More - Reverse mortgages, VA loans and FHA loans are some of your other loan options for financing your home purchase.

Frequently Asked Questions About Mortgages in Utah

How much mortgage can I afford in Utah?

As a rule of thumb, you can afford a mortgage if it’s within two to 2.5 times your gross income, while most lenders prefer a 36% debt-to-income ratio. However, only you can decide what’s affordable for you.

What is the average mortgage in Utah?

In Utah, the average outstanding mortgage amount is $216,213.

Do I have enough cash for a down payment for a mortgage in Utah?

Many lenders require a minimum of 5% down payment. However, offers from the VA, USDA and other government-supported programs don’t always need down payments.

Do you really need private mortgage insurance in Utah?

You’re required to have private mortgage insurance (PMI) if you’re going for a conventional loan with a small down payment. You can only request to remove PMI once your loan balance gets to 80%.

What are the average annual property taxes in Utah?

Utah’s average annual property tax is relatively expensive at 0.63% or $1,362 per year.

What is the average monthly mortgage payment in Utah?

In Utah, the average monthly mortgage payment is $1,261, which is $102 more expensive than the national average.

What is the median home price in Utah?

The average home value in Utah is $351,100, which ranks seventh most expensive in the U.S.

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