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Utah Mortgage Calculator

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JAN 28, 2022

Overview of Utah Housing Market

Utah boasted one of the fastest-growing populations of any state in 2020. Similar population growth led to a housing shortage in the Salt Lake City area the year prior. That makes for a quick real estate market and high prices, though you can avoid competing for housing if you look outside the state capital.

Today's Mortgage Rates in Utah

Product Today Last Week Change
30 year fixed 6.44% 6.63% -0.19
15 year fixed 5.63% 5.63% 0.00
5/1 ARM 6.13% 6.13% 0.00
30 yr fixed mtg refi 6.46% 6.71% -0.25
15 yr fixed mtg refi 5.75% 5.63% +0.13
7/1 ARM refi 5.75% 5.75% 0.00
15 yr jumbo fixed mtg refi 3.10% 3.13% -0.02

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research

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Total Monthly Payment Breakdown

Based on a $350,000 mortgage

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Mortgage Insurance (PMI)
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Mortgage Over Time

Based on a $350,000 mortgage

Remaining Mortgage Balance
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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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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.

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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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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 Utah Mortgage Payment

Two costs you’ll want to factor into your budget (on top of your mortgage payment) are property taxes and homeowners insurance. As long as you own the property, you’ll be responsible for those two recurring costs.

The good news for homeowners is that Utah’s property taxes are among the lowest in the country, with an average effective property tax rate of just 0.58%. However, your primary residence must be in the state for you to access those low rates. Homeowners are only taxed on 45% of their home’s assessed value as long as the property they claim is their primary residence.

Most property taxes in Utah are set at the county level. You home is appraised by a county assessor at least every five years. This determines the market value of your home, which is what your tax rate is based on. Within your county, there are different levels of government that also have the authority to level taxes, such as cities, school districts and water districts. In addition to the automatic 45% exemption, homeowners who are low income, disabled veterans, blind or active service members serving outside the state may qualify for further property tax exemptions.

Another cost you’re responsible for is homeowners insurance. Utah, just like with property taxes, is a relative bargain for property owners. It’s one of the five lowest in the nation in terms of average insurance premiums. Only Vermont, California and Hawaii have cheaper rates. The average homeowner pays just $1,378 per year in homeowners insurance, according to recent data from

Luckily, you won’t have to worry about hurricanes or coastal erosion in this landlocked state. However, you might still want to look into additional coverage for flood damage. Some areas in Utah experience a monsoon period during the summer and fall, which means seasonal flash flooding. Unfortunately, most homeowners policies exclude flood damage coverage. You have to purchase a separate policy, which you can find on through Utah insurance agencies selling National Flood Insurance Program policies. In addition to monsoons, the state also experiences wildfires which can cause widespread evacuations and home damage. You can find out more on the Utah Insurance Department website.

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

Costs to Expect When Buying a Home in Utah

A one-time cost you’ll have to add to your expected home-buying budget is a home inspection. While home inspections aren’t mandatory, they are highly recommended and are beneficial to you as the buyer. It’s your chance to find out the condition of the home before you occupy it, and can save you money in the long run if underlying problems are found (and can be mitigated or negotiated) before you occupy the property. Home inspections in Utah will cost you around $200 to $450, and generally include plumbing, electrical, roofing and basement inspections. For further tests, you’ll have to pay extra, but can be helpful if you’re suspecting that the home has underlying problems. Some of these additional tests include radon, methamphetamine, mold and termite detection tests.

Another one-time cost in the home buying process is actually a bundle of service fees and charges that are required by your mortgage lender, county and other various entities. These are known as closing costs. The exact total you’ll be responsible for paying depends on a number of factors including home price, mortgage lender and property location. However, the typical homeowner in Utah can expect to pay 1.49% of their home's value in closing costs.

Average Closing Costs by County

CountyAvg. Closing CostsMedian Home ValueClosing Costs as % of Home Value
Box Elder$3,736$203,6001.83%
Salt Lake$4,363$305,7001.43%
San Juan$3,182$129,7002.45%

Our 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.

To break down the costs, the first portion of charges go to the mortgage lender. This can include processing fees, underwriting costs, broker services, document preparation, origination points and commitment. These costs aren’t fixed across lenders, so it will depend on which company you finance your mortgage through.

Further costs are for credit reports, appraisal, flood insurance, attorney fees and more. Some of these services are optional, and aren’t required for each home closing, such as an attorney, but it will depend on your situation.

Title insurance is another homebuyer cost. In Utah, the title and escrow industry are regulated by the Utah Insurance Department, which means the state licenses insurance agents and has a set of standards and policies. While most lenders require a policy to cover the lender’s interest in the property, buyers have the option to buy their own policies. Title insurance covers future claims or disputes over issues such as faulty deeds, mistakes in records and undisclosed heirs.

Utah doesn’t charge mortgage tax, transfer tax or a deed recording fee, which benefits both buyers and sellers. Some states, such as New York and Vermont charge a percentage of the home price, which can add thousands to overall costs.

Details of Utah Housing Market

What Utah lacks in terms of population (an estimated 3.3 million residents, according to the Census Bureau), it makes up for with dramatic landscapes. Home to five national parks and boasting a reputation as a top winter sport destination, this lightly populated state has plenty going for it.

You’ll find the most densely populated area in and around Salt Lake City. The biggest cities by population, are Salt Lake City, West Valley City, Provo, West Jordan and Orem. An overwhelming majority of the population resides in the north central area of the state in Salt Lake County, Utah County, Davis County, Weber County and Cache County. The only exception is Washington County in the southwest corner of the state, where the city of St. George is located.

Population increases in Utah have led to housing shortages and higher price points for buyers. Over the past decade, houses have sold faster and faster. In 2016, for the first time in 40 years, the number of households in Utah exceeded the number of new housing units. All this leads to quick turnarounds on the market.

The median home value in Salt Lake City is $289,200, according to recent Census data. A short drive south to Provo shows a lower median home value, at $247,100. In St. George, located further to the south, the median home value is $261,800.

According to SmartAsset’s Most Affordable Places to Live study, Price, Ogden, Sunset, Washington Terrace and Richfield are the most affordable places to live in Utah. The study considered closing costs, taxes, insurance and mortgage payments for the average home and then took the cost as a proportion of median household income to determine affordability.

Local Economic Factors in Utah

Utah’s largest industries include healthcare, tourism, agriculture, mining and finance. In recent years, the state also has been named one of the best places for new businesses and entrepreneurship. The largest employers in the state include Intermountain Healthcare, state governments, University of Utah, Brigham Young University (BYU) and Walmart.

As of December 2021, Utah’s unemployment rate was just 1.9%, compared to the national rate of 3.9% at that time. The per capita personal income in Utah in 2020 was $52,204 compared to the national average of $59,510.

State income taxes in Utah are a flat 4.95% for all income levels. This can mean savings for those moving from states with progressive tax rates. Total sales tax in the Beehive State ranges from around 6% to a little more than 9%, depending on location. Finally, you won’t find an estate or inheritance tax in this state. Combined with the low property taxes in this state, the overall tax burden is low in Utah.

To help yourself gain an estimate of the prices in Utah, you can try our cost of living calculator. It will help you compare your current budgeted expenses to your potential ones in Utah.

For West Coasters searching for an outdoor paradise, you might be looking at 19% lower living costs if you move from San Francisco to Park City. If you’re a Bostonian moving to Salt Lake City, you’ll have 16% lower costs on average due to lower housing and food prices. Windy City residents may find a break, as well: Provo, UT is about 11% cheaper to live in than Chicago. Comparing housing, food and tax costs can help you gain a baseline idea of what you’ll have to budget for when moving to a new place.

Mortgage Legal Issues in Utah

Utah doesn’t have the same explicit buyer protections as some states, such as California. However, that doesn’t mean a homebuyers are out of luck. In Utah, the only explicit disclosure sellers have to make is whether methamphetamines were used, stored or manufactured in the home. Federal mandates include disclosures for lead paint disclosure for any home built prior to 1978. However, Utah real estate agents generally have sellers fill out a property disclosure that helps prevent liability by making buyers aware of any problems prior to closing on the property.

Taking a look at Utah foreclosure laws, you’ll find that the state mostly operates under title theory. This means the property title will remain in trust until the loan is paid in full. Title theory generally means non-judicial foreclosure, as the title is secured by a “deed of trust.” Generally, deeds of trust contain power of sale provisions, which is how the loan is sped up and foreclosed upon outside of court. Non-judicial foreclosure is a speedier process than judicial foreclosures.

The general timeline starts about 36 days after a missed loan payment when a lender calls. Before 45 days, the borrower will receive a letter regarding the missed payment. During this time, the borrower can attempt to arrange a loan modification or pay the missed payments. If the borrower doesn’t pay the owed payments, after 120 the foreclosure can start. A Notice of Default is filed. The borrower has 90 days from the Notice of Default before the foreclosure sale notice. During this time, generally the borrower can “cure” the note by paying what’s due. Utah does allow lenders to sue for deficiency payment within three months of the foreclosure sale. What this means is that if the property sold for less than the loan owed, the lender can sue for the difference between the sale price and fair market value. Homeowners facing foreclosure can contact Utah Foreclosure Prevention Taskforce for free counseling and resources.

As of May 2016, Utah legislature enacted two bills regarding foreclosure and eviction law. The first bill includes a number of updates to trustee requirements, as well as an update to Utah law regarding “dual-tracking.” Federal laws prevent mortgage lenders from the practice which was foreclosing on a borrower while simultaneously considering a loan modification. This update to Utah law brings the state into conformance with the federal consumer protection. The second bill protects tenants renting a foreclosed home. Under the bill, the tenants can continue to rent up to 12 months after the sale, as long as the rental agreement was agreed upon prior to the Notice of Default recording.

Utah Mortgage Resources

Available Resources

ResourceProblem or IssueWho Qualifies
Utah Housing Corporation - FirstHome LoanOffers down payment and closing cost assistance.First-time homebuyers. Applicants must meet income, credit score, loan type (FHA or VA) and home purchase price limits.
Utah Housing Corporation - HomeAgain LoanProvides down payment assistance of up to 6% of the loan amount for down payment expenses.First-time or repeat homebuyers. Income, loan size, loan type and credit score limits apply (min 660). Income limits are higher for HomeAgain than for FirstHome.
Utah Housing Corporation - Score LoanOffers up to 4% of the mortgage loan to use for down payment and closing costs.Previous and first-time homebuyers. The Score Loan has a lower minimum credit score (620) than HomeAgain or FirstHome.
Utah Housing Corporation - NoMI LoanProvides up to 4% of the loan for down payment and closing costs and doesn't require mortgage insurance.Those with Fannie Mae conventional loans, not just VA or FHA loans; highest minimum credit score of all four programs (700).

With “Helping the People of Utah Achieve Homeownership,” as a motto, the Utah Housing Corporation (UHC) makes its mission clear. You’ll find down payment assistance programs as well as closing cost help with UHC’s lending partners. This program works with FHA, VA and Fannie Mae financing as well. First-time homebuyers as well as other homebuyers have the potential to qualify for one of UHC’s programs. Keep in mind that these programs are aimed at low income households, and you’ll have to have income below the set program limits.

Those interested in a Utah USDA home loan are in luck. Almost the entire state is eligible land, except for the urbanized Provo/Salt Lake City area. You can check to see if you meet income limits to apply for this government-backed loan option.

Itching to make the move to the state that houses five amazing national parks (Zion, Bryce Canyon, Capitol Reef, Canyonlands and Arches)? Read up on your potential new home with our article on 15 things you should know before moving to Utah.

Moving for a job in this startup friendly state? Calculate what your paycheck will look like using the Utah paycheck calculator.

Lastly, if you’re ready to get serious and start house searching, take a peek at Utah’s current mortgage rates.