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Connecticut Mortgage Calculator

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Overview of Connecticut Housing Market

Connecticut is one of the least affordable states to own a home. Connecticut homeowners face a heavy tax burden with both high property tax rates as well as progressive state income taxes. The average effective property tax rate in Connecticut is 2.14%, well above the national average.

Today's Mortgage Rates in Connecticut

Product Today Last Week Change
30 year fixed 6.63% 6.72% -0.09
15 year fixed 6.06% 6.06% 0.00
5/1 ARM 5.38% 6.00% -0.63
30 yr fixed mtg refi 6.55% 6.73% -0.18
15 yr fixed mtg refi 6.05% 6.07% -0.02
7/1 ARM refi 5.88% 6.13% -0.25
15 yr jumbo fixed mtg refi 3.07% 3.11% -0.04

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research

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Not sure how much you can afford? Try our home affordability calculator.

Total Monthly Payment

Monthly Payment
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Total Monthly Payment Breakdown

Based on a $350,000 mortgage

Taxes &
Other Fees
Payment (P&I)
Mortgage Payment (P&I)
Home Insurance
Homeowners Insurance
Mortgage Insurance (PMI)
Taxes & Other Fees
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Mortgage Over Time

Based on a $350,000 mortgage

Remaining Mortgage Balance
Principal Paid
Interest Paid
Year 1

Enter your details below to estimate your monthly mortgage payment with taxes, fees and insurance.

Not sure how much you can afford? Try our home affordability calculator.

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Tax, Insurance & HOA Fees

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Annual Homeowners Insurance
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Other Financial Considerations

In addition to making your monthly payments, there are other financial considerations that you should keep in mind, particularly upfront costs and recommended income to safely afford your new home.

Recommended Minimum Savings

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Closing Costs
Estimated Cash Needed to Close
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This is based on our recommendation that your total monthly spend for your monthly payment and other debts should not exceed 36% of your monthly income.

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Compare Loan Types

The most common loan terms are 30-year fixed-rate mortgages and 15-year fixed-rate mortgages. Depending on your financial situation, one term may be better for you than the other.

With a 30-year fixed-rate mortgage, you have a lower monthly payment but you’ll pay more in interest over time. A 15-year fixed-rate mortgage has a higher monthly payment (because you’re paying off the loan over 15 years instead of 30 years), but you can save thousands in interest over the life of the loan.

Loan Term 30 Year Fixed 15 Year Fixed
Monthly Payment $1,111 $1,111
Mortgage Rate 1.11% 1.11%
Total Interest Paid $1,111 $1,111
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How We Got This Answer

  • About This Answer

    This calculator determines how much your monthly payment will be for your mortgage.

    We take your inputs for home price, mortgage rate, loan term and downpayment and calculate the monthly payments you can expect to make towards principal and interest.

    We also add in the cost of property taxes, mortgage insurance and homeowners fees using loan limits and figures based on your location. You can also manually edit any of these fees in the tax insurance & HOA Fees section of this page.

    We also calculate the way that your mortgage balance changes over time as you make payments towards principal and interest. These figures do not include the payments made to taxes or other fees.

    Have additional questions about this calculator? Feel free to email our expert at! more
  • Our Assumptions

    In order to create the best comparison with your finances in 2022 this calculator does not account for home value appreciation or inflation. more
  • Our Home Buying Expert

    Michelle Lerner Home Buying

    As SmartAsset’s home buying expert, award-winning writer Michele Lerner brings more than two decades of experience in real estate. Michele is the author of two books about home buying: “HOMEBUYING: Tough Times, First Time, Any Time,” published by Capitol Books, and “New Home 101: Your Guide to Buying and Building a New Home.” Michele’s work has appeared in The Washington Post,, MSN and National Real Estate Investor magazine. She is passionate about helping buyers through the process of becoming homeowners. The National Association of Real Estate Editors (NAREE) honored Michele in 2016 and 2017 with the award for Best Mortgage or Financial Real Estate Story in a Daily Newspaper. more
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Factors in Your Connecticut Mortgage Payment

One of the first costs to factor in after your monthly mortgage payment is property taxes. You might even have an escrow account with funds just for this purpose. Curious where that money goes? In Connecticut, cities and towns set rates and collect property taxes for the majority of local government services and public services, such as schools and infrastructure maintenance. It’s not cheap either: Connecticut's property tax rates are the third-highest in the nation, with an effective rate of 2.14%.

To determine your property tax rate, assessors assigned by the local municipality assign your home its fair market value at least once every five years. After that, Connecticut’s assessment ration of 70% is applied, which means that a property’s assessed value is equal to 70% of the home’s market value. You pay taxes on the lower, assessed value.

Members of special populations, such as the elderly, disabled or veterans, can apply for tax credits or exemptions, depending on what their city or town offers.

Another cost, which is also commonly rolled into your escrow account, is homeowners insurance. Connecticut has an average premium at $1,961 per year, according to data. The state is relatively vulnerable to hurricanes, according to the Insurance Information Institute. In 2012, Hurricane Sandy resulted in $500 million in private insurance claims in Connecticut. And in 2015, there were over 40,000 flood insurance policies in Connecticut. Flood insurance, not included in most homeowners policies, is a must for those in coastal areas, and is provided by the National Flood Insurance Program.

Those who can’t find insurance on the voluntary market should apply for basic homeowners coverage under the Connecticut FAIR plan. This is a last resort market and is a basic policy for those unable to obtain insurance elsewhere.

A financial advisor in Connecticut can help you understand how homeownership fits into your overall financial goals. Financial advisors can also help with investing and financial plans, including retirement, taxes, insurance and more, to make sure you are preparing for the future.

Costs to Expect When Buying a Home in Connecticut

Before you even get to an escrow account, there are some one-time costs during the home buying process you should consider. One of the first is a home inspection. While Connecticut sellers are required to provide a property disclosure, it’s not considered a substitute for an inspection. In Connecticut, a home inspection typically costs around $475, and could be more if you own a large home. The final bill will depend on the size and type of home, as well as if you opt for additional testing such as termites, mold or radon.

One of the last stages of buying a home is when you finalize the contract and set a date for closing. This is when you sign all the remaining paperwork and usually get keys to the home. Unfortunately, it comes with a slew of fees to pay called closing costs. You’ll pay your mortgage lender, county and/or state as well as other involved parties. In Connecticut, closing costs average between 2.73% and 3.42% of the home price.

Average Closing Costs by County

CountyAvg. Closing CostsMedian Home ValueClosing Costs as % of Home Value
New Haven$8,175$248,6003.29%
New London$7,715$241,7003.19%

SmartAsset’s Closing Costs Study assumed a 30-year fixed-rate mortgage with a 20% down payment on each county’s median home value. We considered all applicable closing costs, including the mortgage tax, transfer tax and both fixed and variable fees. Once we calculated the typical closing costs in each county we divided that figure by the county’s median home value to find the closing costs as a percentage of home value figure. Sources include the U.S. Census Bureau, Bankrate and government websites.

Closing costs breaks down into individual fees and items to pay. Your lender takes a percentage of your closing costs, called origination fees. This includes underwriting, tax service, broker charge points, document preparation and commitment fees. Origination fees aren’t set in stone. Each lender charges varying amounts for each service, so it’s something you can shop around for when you first look at mortgage estimates.

Another percentage of closing costs are third-party fees, such as attorneys, appraisals, credit reports, surveys and flood certification. This can also vary depending on who provides each service and whether you opted for the service at all. For example, not all homebuyers hire an attorney for the purchase contract, many choose to use only a realtor.

Title insurance is another cost that comes into play. This type of insurance helps protect against financial loss with future title disputes such as undisclosed liens, easements and more. Your lender requires a policy that covers the lender’s interest in the property. However, homebuyers have the option to purchase an owner’s policy to cover the full value of the property as well as themselves.

Finally, Connecticut charges a conveyance tax for property title transfers. Most commonly, the seller pays this charge. The state conveyance tax is 0.75% of the assessed value up to $800,000 (1.25% for house valued between $800,000.01 and $2,500,000, and 2.25% for those valued over $2,500,000). . On top of the state tax is a municipal conveyance tax, which is a maximum of 0.25% for most towns. Some areas are permitted to maintain higher rates.

Details of Connecticut Housing Market

Connecticut, also known as the Constitution State, is one of six official states within the area designated as New England. Bordered by the Long Island Sound and Atlantic Ocean to the south, Rhode Island to the east, Massachusetts to the north and New York to the west, this rectangular-shaped state has roughly 4,840 square miles in land area.

With a population of about 3.6 million residents, the state has the 29th-largest population in the U.S. The highest populated cities are Bridgeport, New Haven, Hartford, Stamford and Waterbury. Three of the top five, Bridgeport, New Haven and Stamford, are located along the coastline.

In our Healthiest Housing Markets study, Connecticut came in near the bottom at 45th, mainly due to its lack of affordable housing stock and percentage of homes sold for a loss. However, it did rank high for stability. Connecticut’s median home value is $331,589. Since late 2012, the state has experienced a strong uptick in statewide home values. However, the issue of affordability and homes close to city centers is increasing each year, as first-time homebuyers and those looking to downsize are competing for the same inventory.

If you’re planning to buy in one of the bigger cities, prepare to shell out a significant amount of money. Fairfield County, home to Stamford, has an average home value is $428,500. At only 30 miles from New York City, Stamford is considered part of the great New York metropolitan area.

Further up the coastline, you’ll find better prices, as New Haven County's average home value is just $248,600. If you go north to Hartford County, the average home value is $240,600.

Local Economic Factors in Connecticut

Connecticut’s known as the Insurance Capital of the World, a title bestowed on the state for more than two centuries. Home to the highest number of actuaries and insurance employees per capita, the statement holds true. Insurance and financial services account for almost one-fifth of Connecticut’s Gross State Product. Other than banking, Connecticut’s known for ESPN, NBC Sports Group and World Wrestling Entertainment, Inc.

For 2020, Connecticut's per capita personal income (PCPI) was $78,609, according to the Bureau of Economic Analysis. That figure came in higher than the national PCPI, which was $59,510. However, Connecticut’s 5.8% unemployment rate in December 2020 was above the national rate of 3.9%, according to the Bureau of Labor Statistics.

Along with the high income levels in Connecticut comes the downside: taxes. Connecticut has one of the top-10 heaviest tax burdens in the nation. Your income is taxed at progressive rates tied to your income. Say, for example, your federal adjusted gross income (found on line 37 of IRS form 1040 ) is $65,000 a year. The Connecticut personal exemption maxes out at $24,000. The tax rate would be 5.50%, which is the rate for taxable income between $50,000 and $100,000. There are tax credits for certain circumstances, so it’s worth doing your homework before filing your taxes.

Connecticut has a single statewide sales tax rate of 6.35%, with no local sales tax. The state also levies an estate tax on inheritances above $7.1 million in 2021 ($9.1 million in 2022).

The best way to get an idea of what living in Connecticut will do to your wallet, is by using a cost of living calculator. With this tool, you can compare your current hometown’s costs to where you’re hoping to move. Let’s take a look at a few examples. To start, a single person making $65,000 would pay an average of 5% lower in a move from Boston, Massachusetts to Stamford, Connecticut. The difference is mainly due to lower housing and food costs in Connecticut. If you look at San Francisco, California compared to New Haven, Connecticut’s 14% cheaper on average to live on the East Coast, with lower housing and food costs making the difference. However, if you swap San Francisco with Chicago, Illinois, New Haven has a 1% higher housing cost on average mainly due to all three factors: tax, housing and food costs.

Mortgage Legal Issues in Connecticut

Connecticut is considered a relatively buyer-friendly state. Sellers in Connecticut are required to provide a disclosure prior to the purchaser’s execution of any contract. Connecticut’s Uniform Property Condition Disclosure Act puts that requirement into law, which is not something you’ll find in every state. Further, in Connecticut, if the seller doesn’t provide the mandated disclosure, they have to credit the buyer with $500 at closing. A Connecticut seller’s disclosure covers general information such as age of the home, whether the property is in a flood hazard area, home issues such as rot or termites and more. While the paperwork gives the buyer an idea of the condition of the home prior to purchase, it’s not a warranty or a substitution for inspections and tests, which is also stated on the form as a warning.

Taking a look at Connecticut’s foreclosure process, you’ll find that the state follows a judicial process. This means the court is involved, and generally takes longer than a non-judicial foreclosure where the timeline from default to losing your home is sped up through the power of sale clause.

In Connecticut, strict foreclosure is allowed. Vermont is the only other state where this is found. The process starts when a marshal serves you with summons, complaint and a mediation certificate. You have to fill out the forms and return to the court (and anyone else involved in the case) within the deadline, usually 15 days. One of the next steps is mediation, which can help you work out an agreement with your lender for a repayment plan.

If the judge orders a foreclosure on your property, it will either be strict foreclosure or foreclosure by sale and will depend on a number of factors, including the value of the property and whether you ask for a sale. If it’s a strict foreclosure, the judge with set a date called a “Law Day,” which is the last date you can get your home back through either paying what you owe, or selling the property or getting a loan to pay what you owe. If you don’t meet the Law Day deadline, your home is owned by the bank the next day. The other option, foreclosure by sale, is the more traditional foreclosure route where your home is sold at auction if you can’t pay the debt prior to the sale. If you prefer this option, you can file a motion for foreclosure by sale. You can ask an attorney or clerk for help with this.

Connecticut allows deficiency judgments, which is when a lender wishes to redeem the full debt. This means if your house sold at auction below the amount you owe on the note, you could be liable for the full amount if the court approves a lender’s request for a deficiency judgement. This can still happen with a strict foreclosure as well. The best bet is to hire your own appraiser if you have a dispute with the value of the property.

Connecticut Mortgage Resources

Available Resources

ResourceProblem or IssueWho Qualifies
Connecticut Housing Finance AuthorityHomeownership education, affording down payment and mortgage.First-time homebuyers, at-risk homebuyers and current homeowners.
Connecticut Association for Community ActionForeclosure and homelessness.Qualifying Connecticut residents who are facing foreclosure or eviction.
USDA Rural Development - Single family loansOffers payment assistance to increase an applicant’s repayment ability.Applicants must be without decent, safe and sanitary housing; Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet; Agree to occupy the property as your primary residence; Have the legal capacity to incur a loan obligation; Meet citizenship or eligible noncitizen requirements; and not be suspended or debarred from participation in federal programs.

Homebuyers in the Constitution State can turn to the Connecticut Housing Finance Authority (CHFA). The organization offers programs and assistance for first-time homebuyers as well as current homeowners and those at risk for foreclosure. Find down payment assistance, mortgage programs for military, police and teachers, as well as a variety of loan programs for low income households.

Connecticut Law Help offers “free legal help for people with very low income,” which includes help for foreclosure, discrimination and other issues. If you think you’d qualify for help, you can contact the organization or use the online self-help guides provided on the website.

Moving to a rural part of the state? As long as the property is located in an eligible area and you meet the income limits, you may qualify for a USDA loan. Check the property’s location and find out more about underdeveloped, rural homeownership on the USDA website.

Serious about buying a home in this New England state? Check out Connecticut mortgage rates and start planning your move. While you’re at it, you could crunch numbers for what your paycheck will look like after the state takes a chunk of your earnings with its progressive taxes.