Mortgage Payment in Utah

Market Overview: Utah Housing Upper Mid-Range

Utah ranks as a upper-mid-range housing market, with a median home price of $523,500. The state's effective property tax rate of 0.48% is far below the national average of 0.90% (about 46% lower than the average state), and annual homeowners insurance averaging $937 falls far below the US average of $1,492 (about 37% lower than the average state).

These three factors — price level, tax burden, and insurance costs — combine to shape the true monthly cost of homeownership in Utah. Below we break down a realistic purchase scenario using state-specific data.

📊 How Utah Compares to the Other 50 States

Rank 1 is the cheapest. Every row below uses the same 20% down, 6.5% APR and 30-year term as the rest of this page.

Measure	Utah	Rank	Lowest of the 51
Median home price	$523,500	#42 of 51	West Virginia ($225,000)
Effective property tax rate	0.48%	#3 of 51	Hawaii (0.29%)
Average homeowners insurance	$937/yr	#2 of 51	Oregon ($893/yr)
Est. monthly payment	$2,935/mo	#39 of 51	West Virginia ($1,326/mo)

The same $2,935/month would cover the median-priced home in 38 other states, including West Virginia ($1,326/month) and Montana ($2,930/month).

Within the West region, Utah has the #8 lowest median-price monthly payment of the 13 states there.

📍 Utah's Largest County: Salt Lake County

Everywhere else on this page Utah is one set of numbers — one median price, one tax rate, one insurance premium. The U.S. Census Bureau's American Community Survey publishes the same kind of measures for individual counties, so here is Utah's most populous county — Salt Lake County — from the 2020–2024 ACS 5-year estimates release.

Salt Lake County — 2020–2024 ACS 5-year estimates	Estimate
Population	1,196,523
Median home value (owner-reported)	$525,700
Median real estate taxes paid (annual)	$2,836
Effective property tax rate (taxes ÷ value)	0.54%
Median household income	$97,494

Two things to keep in mind before you use these numbers. First, the Census asks owners what their home is worth: this is a five-year survey estimate, not the sale price of homes that changed hands, so it is not comparable with the sale-price figures elsewhere on this page. Second, 0.54% is the median tax bill divided by the median home value, which is a different calculation from the statewide effective rate in the comparison table above (that one weighs total taxes collected against total value).

Source: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates (B01003 population; B25077 median home value; B25103 median real estate taxes paid; B19013 median household income). Retrieved 2026-09-24. Learn how the American Community Survey collects these estimates.

🏡 Purchase Example: Buying a $523,500 Home in Utah

Using the state's median home price of $523,500, a 20% down payment, and a 6.5% 30-year fixed rate, here is the complete picture of what it costs to buy in Utah:

Cost Component	Amount
Home Price	$523,500
Down Payment (20%)	$104,700
Loan Amount	$418,800
Estimated Closing Costs (3.5%)	$18,323
Total Cash Needed at Closing	$123,023

Monthly Payment (20% Down)

Item	Monthly
Principal & Interest	$2,647
Property Taxes (0.48%)	$209
Homeowners Insurance	$78
PMI (not needed at 20% down)	$0
Total Monthly Payment	$2,935

Annual income needed (28% DTI): $126,000/yr

PMI Scenario: What If You Put Only 10% Down?

With a 10% down payment ($52,350), you'd have a loan of $471,150 and would need to pay Private Mortgage Insurance (PMI) at roughly 0.85% of the loan annually:

Item	10% Down	20% Down (savings)
Principal & Interest	$2,978	$2,647
Monthly PMI	$334	$0
Total PITI+PMI	$3,599	$2,935

The lower down payment costs you an extra $664/month (P&I + PMI). You would need $155,000/yr to qualify under the 28% DTI rule. PMI can typically be canceled once you reach 20% equity.

First-year interest: In year one, $27,084 of your payments go to interest alone. Over the full 30-year term, you'll pay $534,156 in total interest.

💰 State-Specific Cost Notes for Utah

Property taxes in Utah are relatively low at 0.48%, costing about $2,513/year ($209/month) on the median home. This is one area where Utah offers a clear cost advantage.

Homeowners insurance in Utah is relatively affordable at $937/year ($78/month), about 37% below the national average of $1,492 — one of the lower insurance burdens in our state data.

Closing costs in a upper-mid-range market like Utah typically run 2%–4% of the purchase price — roughly $18,323 on a $523,500 home. This includes loan origination, appraisal, title insurance, escrow fees, and prepaid taxes/insurance.

🏔️ Utah Housing Market: What Buyers Need to Know

Utah has one of the most competitive housing markets in the Mountain West. Here are the key facts that directly affect your monthly payment:

Property Taxes — One of the Lowest in the Nation

Utah's effective property tax rate is just 0.48% — well below the national average of 0.90%. On a $523,500 home, that's only $2,513/year ($209/month). This low tax burden is one of Utah's biggest financial advantages for homeowners.

Homeowners Insurance — Below Average

Utah's average annual homeowners insurance premium is approximately $937/year ($78/month) — below the US average of $1,492. Utah's dry climate and lower severe weather risk keep insurance costs manageable.

City-by-City Price Differences

City / Area	Approx. Median Price	Est. Monthly PITI
Salt Lake City	~$550,000	~$3,079/mo
Provo / Orem	~$490,000	~$2,752/mo
Ogden	~$380,000	~$2,152/mo
St. George	~$460,000	~$2,588/mo
Logan	~$340,000	~$1,933/mo

Estimates based on 20% down, 6.5% APR, 30-year fixed. Prices approximate as of 2025.

First-Time Buyer Programs in Utah

The Utah Housing Corporation (UHC) offers down payment assistance and low-interest loans for first-time buyers. Programs include FirstHome, HomeAgain, and Score loans — some with as little as 3.5% down. Visit utahhousingcorp.org for current rates and eligibility.

Monthly Payment on a $523,500 Home in Utah

With a standard 20% down payment ($418,800 loan) and a 6.5% interest rate on a 30-year fixed-rate mortgage, your estimated total monthly payment comes to $2,935.

Monthly Payment Breakdown (PITI)

Component	Monthly Cost	Annual Cost
Principal & Interest	$2,647	$31,764
Property Taxes (0.48% est.)	$209	$2,508
Home Insurance	$78	$936
Total Monthly Payment	$2,935	$35,220

Income Required in Utah

Using the standard 28% front-end DTI rule, you'd need a gross annual income of approximately $126,000 to comfortably afford the median-priced home in Utah with 20% down at 6.5%.

How Interest Shapes Your Payments

In your first year, approximately $27,084 goes toward interest alone. Over the full 30-year term, you'll pay a total of $534,156 in interest.

Amortization Schedule — First 10 Years

* Full 30-year amortization available in our interactive calculator.

❓ Frequently Asked Questions — Buying a Home in Utah

Compare Utah With Nearby States

Buyers relocating within the West compare these markets most often. Every figure uses the same model as this page — each state's median home price, 20% down, 6.5% APR on a 30-year fixed loan, plus that state's property tax rate and average insurance premium — so the rows are directly comparable.

At $2,935/month for Utah's median home, Utah sits below the West average of $2,972/month for the states listed here.

See mortgage payments for all 50 states + DC →

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