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House hunting is a significant step forward in your financial life, and online tools like a mortgage calculator can make the process much easier. By inputting a few numbers, you can get an estimate of your monthly mortgage payment, helping you determine a comfortable budget. Learn how to take best advantage of a Utah home mortgage calculator here.
Key Points
• A mortgage calculator helps homebuyers understand how key factors such as down payment, loan term, and interest rate affect monthly payments.
• Down payments range from 3% to 20% of a home’s purchase price.
• Down payment assistance programs can reduce upfront costs.
• Mortgage preapproval also helps determine affordability.
• Explore different loan terms to find the best fit.
Utah Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller, which may differ from the listing price or your initial offer.
• Down payment: The down payment is the amount the homebuyer pays upfront, often expressed as a percentage of the purchase price. Most buyers put down between 3% and 20%; a down payment below 20% usually results in an additional charge for private mortgage insurance (PMI).
• Loan term: The loan term is the length of time you have to repay the mortgage, from 10 to 30 years. A long term offers lower monthly payments but results in more interest paid over the life of the loan. Consider your financial goals and budget when choosing the loan term.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the principal borrowed. Interest rates can vary based on borrower qualifications, market trends, and the type of mortgage loan.
• Annual property tax: Property tax is levied by local governments on land and buildings and expressed as a percentage of the property’s assessed value. Utah’s average effective property tax rate is .47%. For your rate, search for the ZIP code or county name and “effective property tax rate.”
• Monthly payment: The monthly payment includes principal and interest; this mortgage calculator also factors in property taxes. Some lenders also wrap home insurance and even homeowners association (HOA) fees into the monthly bill. And if you pay for PMI, it will be included as well.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. This can be a significant portion of your overall mortgage cost, especially with a longer loan term.
• Total loan cost: The total loan cost represents the all-in amount you will ultimately repay for the home loan, including both the principal and the accumulated interest.
How to Use the Utah Mortgage Calculator
Step 1: Enter Your Home Price
Enter the purchase price into the calculator. This figure is an important one for an accurate estimate of your monthly mortgage payment and overall loan costs.
Step 2: Select a Down Payment Amount
Choose the percent of the home price you plan to pay upfront. A larger down payment can reduce your monthly payments and eliminate the need for PMI.
Step 3: Choose a Loan Term
Select the duration of your mortgage, typically 15 or 30 years. This choice impacts your monthly payments and total interest paid.
Step 4: Enter an Interest Rate
Input your expected interest rate to the second or third decimal point. A lower rate can significantly decrease your mortgage costs.
Step 5: Add Your Property Tax
Enter the property tax percentage. Use the average for Utah (.48%), or look up your specific number by searching the ZIP code or county name and “effective property tax rate.”
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator is a powerful tool for prospective homebuyers, helping you assess how much house you can afford before you start house hunting, or aiding you in fine-tuning your decision about down payment and loan term once you’ve found a property you love. By inputting the home price, down payment amount, interest rate, loan term, and property tax rate, you can estimate your monthly payments and understand how different factors, such as a higher down payment or a longer loan term, impact your budget. Running different calculations can be especially helpful if you are buying your first home and haven’t been down this path before.
In mid-2025, Utah’s median home sale price was $576,300. Lenders advise keeping mortgage payments below 28% of gross monthly income. To achieve this when buying a $576,300 home, you would need an annual income of around $155,000. This assumes you put down 20% ($115,260) and have a 30-year, 7.00% mortgage. The monthly payment would be $3,067. If you have other significant debts besides a mortgage, you would need to earn more. Using a mortgage calculator can help you determine whether the monthly payment on a home fits in your budget.
You can also work backward from your income, using a home affordability calculator to compute how much house you can afford. That calculator takes into consideration other debts you may have, such as a car payment or student loan payment.
Another way to zero in on your budget is to go through the mortgage preapproval process with a lender. You’ll provide detailed financial information and the lender will tell you if you qualify for a mortgage and, if so, how much and on what terms you might borrow.
Components of a Mortgage Payment
The main components of a mortgage payment are principal and interest. Additionally, your monthly payment may include property tax, which is often escrowed and paid as part of your mortgage. This Utah home mortgage calculator includes taxes. If your down payment is less than 20%, you may also have to pay for private mortgage insurance (PMI). Other potential costs include home insurance and homeowners association (HOA) fees.
If you’re thinking about a home loan guaranteed by the Federal Housing Administration (FHA), use an FHA mortgage calculator, which takes into consideration both the loan’s upfront and ongoing mortgage insurance premiums.
A VA mortgage calculator is helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Cost of Living in Utah
The cost of living in Utah can significantly impact your ability to afford a home in the area. On average, Utah’s cost is slightly above the cost of living in the U.S. as a whole, weighing in at 102.1 on a scale where the U.S. average equals 100.
There are places in Utah that will require a jumbo loan, but the state is also home to some of the best affordable places in the U.S., including Kaysville (a suburb of Salt Lake City), Orem, and Spanish Fork. The chart shows the cost-of-living index in major cities.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
Once you purchase a home, your mortgage payment could still change. Here are some ways borrowers can lower their payments.
• Drop PMI once you have reached 20% equity.
• Recast your mortgage by making a lump sum payment toward the principal and asking the lender to recompute your payments.
• Appeal property taxes for potential savings. Use caution if you have made improvements to your property, as your assessment might be higher.
• If you have financial hardship, you can request that your lender modify your loan.
• Shop for cheaper homeowners insurance by raising your deductible or bundling policies.
Utah First-Time Homebuyer Assistance Programs
If you’re buying your first home, down payment assistance programs may help you cover initial costs. To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years.
Utah first-time homebuyer programs are relatively abundant, and the state also boasts special programs in specific cities as well as a state-sponsored grant for Utah service members or veterans. These programs often have specific eligibility criteria, so it’s important to research and apply early to maximize your chances of receiving support.
Our Utah mortgage calculator is a powerful tool for anyone considering a home loan. It helps you estimate monthly payments, and shows you how the down payment, interest rate, term, and property taxes will affect your monthly budget. By understanding these components, you can make informed decisions and find the best mortgage options for your budget and financial goals.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
The down payment typically ranges from 3% to 20% of the home’s purchase price. A 20% down payment can help you avoid PMI, or private mortgage insurance. But it can be a stretch for many homebuyers, especially those purchasing for the first time. Make the down payment you can afford without jeopardizing your ability to pay other bills.
Should I choose a 30-year or 15-year mortgage term?
A 30-year term offers lower monthly payments and is the most popular choice, while a 15-year term saves on interest. If you can afford to make the monthly payments on a 15-year loan without compromising your overall budget, do so.
How can I get a lower mortgage interest rate?
For the lowest mortgage interest rate, work to improve your credit score. Go through the online prequalification process with multiple lenders to see how low a rate you might be able to obtain, then look carefully at the difference between the offers, factoring in closing costs as well as interest. A higher down payment may also help, if you can make one.
How much income do you need for a $400,000 mortgage?
You’ll need to earn around $130,000 a year to qualify for a $400,000 mortgage, assuming it’s a 30-year loan at an interest rate of 7.00%, and you aren’t burdened by other significant debts. One general rule of thumb is that your home price shouldn’t be more than three times your gross income, assuming you don’t have other significant debts.
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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
