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 $530,787. The state's effective property tax rate of 0.60% is lower than the national average of 1.00%, and annual homeowners insurance averaging $1,262 falls below the US median of $2,201.

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.

🏡 Purchase Example: Buying a $530,787 Home in Utah

Using the state's median home price of $530,787, 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	$530,787
Down Payment (20%)	$106,157
Loan Amount	$424,630
Estimated Closing Costs (3.5%)	$18,578
Total Cash Needed at Closing	$124,735

Monthly Payment (20% Down)

Item	Monthly
Principal & Interest	$2,684
Property Taxes (0.60%)	$265
Homeowners Insurance	$105
PMI (not needed at 20% down)	$0
Total Monthly Payment	$3,055

Annual income needed (28% DTI): $131,000/yr

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

With a 10% down payment ($53,079), you'd have a loan of $477,708 and would need to pay Private Mortgage Insurance (PMI) at roughly 0.7% of the loan annually:

Item	10% Down	20% Down (savings)
Principal & Interest	$3,019	$2,684
Monthly PMI	$279	$0
Total PITI+PMI	$3,669	$3,055

The lower down payment costs you an extra $614/month (P&I + PMI). You would need $158,000/yr to qualify under the 28% DTI rule. PMI can typically be canceled once you reach 20% equity.

First-year interest: In year one, $27,461 of your payments go to interest alone. Over the full 30-year term, you'll pay $541,592 in total interest.

💰 State-Specific Cost Notes for Utah

Property taxes in Utah are 0.60%, meaning about $3,185/year ($265/month) on the median-priced home.

Homeowners insurance in Utah is quite affordable at $1,262/year ($105/month), well below the national median.

Closing costs in a upper-mid-range market like Utah typically run 2%–4% of the purchase price — roughly $18,578 on a $530,787 home. This includes loan origination, appraisal, title insurance, escrow fees, and prepaid taxes/insurance.

Monthly Payment on a $530,787 Home in Utah

With a standard 20% down payment ($424,630 loan) and a 6.5% interest rate on a 30-year fixed-rate mortgage, your estimated total monthly payment comes to $3,055.

Monthly Payment Breakdown (PITI)

Component	Monthly Cost	Annual Cost
Principal & Interest	$2,684	$32,208
Property Taxes (0.60% est.)	$265	$3,180
Home Insurance	$105	$1,260
Total Monthly Payment	$3,055	$36,660

Income Required in Utah

Using the standard 28% front-end DTI rule, you'd need a gross annual income of approximately $131,000 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 $27,461 goes toward interest alone. Over the full 30-year term, you'll pay a total of $541,592 in interest.

Amortization Schedule — First 10 Years

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

❓ Frequently Asked Questions — Buying a Home in Utah

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