Wyoming Mortgage Calculator: Estimate Your Monthly Payment
On average, homeowners in Wyoming spend about 17% of their monthly income on mortgage payments. If you’re planning to purchase a home, you may find yourself in a similar situation. Before deciding, you need to consider several factors (such as tax rates) and understand how your down payment comes into play. MoneyGeek’s mortgage calculator for Wyoming can help you get an accurate estimate of your monthly mortgage payment.
The national homeownership rate is 64.1%. Wyoming’s is higher at 71.9%, and the median home value in Wyoming is $236,100. MoneyGeek’s research also found that, on average, people in this state pay $1,138 on their mortgages each month.
Those are only two of the many factors you’ll need to explore if you’re planning to purchase a home in Wyoming. You’ll also have to determine how much you pay for real estate tax annually. Fortunately, Wyoming’s real estate tax rate is the 10th-lowest in the country at 0.61%.
Remember that every homebuyer’s experience is slightly different because your monthly mortgage largely depends on your personal circumstances. Using MoneyGeek’s Wyoming mortgage calculator can help you get a customized estimate based on your unique profile and preferences.
Start Here: Plug In Your Mortgage Factors
MoneyGeek’s Wyoming mortgage calculator can give you an accurate picture of your financial obligations. It considers all of the factors detailed below, so you’re assured of a holistic estimate.
Wyoming Mortgage Calculator
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Why and How to Use Our Mortgage Calculator
Because there are so many factors to consider, purchasing a home can be overwhelming. The primary question on every potential buyer's mind is, can I afford it?
The average outstanding mortgage amount in Wyoming is $185,414. The term of your loan, the interest rate you receive and the size of your down payment can all significantly impact the loan calculation. Buying a home is a commitment, so it's best to consider its long-term financial impact.
MoneyGeek’s mortgage calculator for Wyoming can help you make adjustments in your budget to arrive at a figure you can afford. We’ve listed the 12 areas it considers when calculating your monthly mortgage payment.
It's the total cost of the home you want to purchase. You can either indicate a maximum dollar amount you’re comfortable spending or indicate the loan amount you want.
This is the amount you pay upfront. You can indicate a specific figure or put in a percentage. Typically, the higher your down payment, the less you finance.
This is the amount of interest you’ll pay per year on the loan. If you’ve asked for quotes from lenders, you can put the rate they used. Otherwise, you can refer to MoneyGeek’s daily mortgage rate report.
The loan’s term indicates how long you’ll be paying back your mortgage. You’ll have multiple options, but 15 and 30 years are the most common.
Payments per Year:
The frequency of your payments affects your loan payment amount. If you intend to pay monthly, put in 12.
If you know the specific tax rate for the property you’re eyeing, type it in under “Other Fees.” You can also use Wyoming’s real estate tax rate, which is 0.61%.
Being part of a homeowners association means paying additional dues. Enter the amount and select whether you’ll pay for it monthly or annually.
Principal & Interest:
The principal refers to the amount you borrowed from the lender. Interest is how much you pay your lender for loaning you money.
This indicates how much of your mortgage payment is due each month. It already considers the principal amount, the interest and additional costs like HOA dues and property tax.
It's the part of your monthly payment that lowers the amount you borrowed from your lender.
This is the part of your monthly payment that covers interest charges. It should decrease as your balance becomes smaller.
Total Cost with Interest:
This indicates the entire amount you owe your lender. It includes the principal amount and the interest you have to pay.
If you’re not comfortable with the amount you saw, it’s not a done deal yet. There are several strategies you can use to lower your mortgage.
- Look for a different house. The primary consideration is how much your property costs. If its purchase price is out of your budget’s range, you may want to consider a less expensive alternative.
- Consider a different state. Your mortgage is heavily affected by location. The median home value in Wyoming is $236,100. If you’re open to exploring homes in another state, you may be able to get a lower price. For example, in Oklahoma, the median home value is $125,400.
- Find a different lender. If moving out of the state is not an option, find a different lender. You may find one offering lower interest rates.
- Make a higher down payment. Paying more upfront leaves less to finance. The lower your balance, the more affordable your monthly mortgage becomes.
Next Steps: What to Do After You Have Estimated Your Mortgage Payments
Purchasing a home doesn't have to be a complicated experience. But in case you encounter some challenges, you can refer to these resources from MoneyGeek.
- Shop & Compare Rates - Comparing multiple lenders is an effective way to find the best possible deal. Remember that mortgage rates in Wyoming vary between different lenders.
- Not Ready to Buy? - Another option for homeowners is renting instead of buying. MoneyGeek’s Rent vs. Buy Guide provides you with more information.
- Learn More - Find out which loan is best suited for you. You can read about FHA loans, VA loans and reverse mortgages to get more information.
Frequently Asked Questions About Mortgages in Wyoming
- Data USA. "Wyoming." Accessed March 2, 2022.