Mortgage Payment in Wyoming

Market Overview: Wyoming Housing Mid-Range

Wyoming ranks as a mid-range housing market, with a median home price of $357,698. The state's effective property tax rate of 0.40% is lower than the national average of 1.00%, and annual homeowners insurance averaging $1,306 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 Wyoming. Below we break down a realistic purchase scenario using state-specific data.

🏡 Purchase Example: Buying a $357,698 Home in Wyoming

Using the state's median home price of $357,698, a 20% down payment, and a 6.5% 30-year fixed rate, here is the complete picture of what it costs to buy in Wyoming:

Cost Component	Amount
Home Price	$357,698
Down Payment (20%)	$71,540
Loan Amount	$286,158
Estimated Closing Costs (3.5%)	$12,519
Total Cash Needed at Closing	$84,059

Monthly Payment (20% Down)

Item	Monthly
Principal & Interest	$1,809
Property Taxes (0.40%)	$119
Homeowners Insurance	$109
PMI (not needed at 20% down)	$0
Total Monthly Payment	$2,037

Annual income needed (28% DTI): $88,000/yr

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

With a 10% down payment ($35,770), you'd have a loan of $321,928 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	$2,035	$1,809
Monthly PMI	$188	$0
Total PITI+PMI	$2,451	$2,037

The lower down payment costs you an extra $414/month (P&I + PMI). You would need $106,000/yr to qualify under the 28% DTI rule. PMI can typically be canceled once you reach 20% equity.

First-year interest: In year one, $18,506 of your payments go to interest alone. Over the full 30-year term, you'll pay $364,979 in total interest.

💰 State-Specific Cost Notes for Wyoming

Property taxes in Wyoming are relatively low at 0.40%, costing about $1,431/year ($119/month) on the median home. This is one area where Wyoming offers a clear cost advantage.

Homeowners insurance in Wyoming averages $1,306/year ($109/month).

Closing costs in a mid-range market like Wyoming typically run 2%–4% of the purchase price — roughly $12,519 on a $357,698 home. This includes loan origination, appraisal, title insurance, escrow fees, and prepaid taxes/insurance.

Monthly Payment on a $357,698 Home in Wyoming

With a standard 20% down payment ($286,158 loan) and a 6.5% interest rate on a 30-year fixed-rate mortgage, your estimated total monthly payment comes to $2,037.

Monthly Payment Breakdown (PITI)

Component	Monthly Cost	Annual Cost
Principal & Interest	$1,809	$21,708
Property Taxes (0.40% est.)	$119	$1,428
Home Insurance	$109	$1,308
Total Monthly Payment	$2,037	$24,444

Income Required in Wyoming

Using the standard 28% front-end DTI rule, you'd need a gross annual income of approximately $88,000 to comfortably afford the median-priced home in Wyoming with 20% down at 6.5%.

How Interest Shapes Your Payments

In your first year, approximately $18,506 goes toward interest alone. Over the full 30-year term, you'll pay a total of $364,979 in interest.

Amortization Schedule — First 10 Years

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

❓ Frequently Asked Questions — Buying a Home in Wyoming

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