Monthly Payment on a $250K Mortgage in Utah
Using Utah's 0.58% property tax rate and $1,200/yr homeowners insurance.
$250K Mortgage in Utah: Rate Comparison
Monthly PITI payment using Utah's 0.58% property tax and $1,200/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $1,708 | $1,630 | $1,356 |
| 6.0% | $1,783 | $1,701 | $1,420 |
| 6.5% | $1,861 | $1,774 | $1,485 |
| 7.0% | $1,939 | $1,849 | $1,551 |
| 7.5% | $2,020 | $1,925 | $1,619 |
| 8.0% | $2,102 | $2,003 | $1,688 |
How This Compares to Utah's Median
A $250K home is 48% below Utah's median of $480K. This is well within reach in many Utah communities.
Income Needed for a $250K Home in Utah
To afford this payment of $1,774/mo in Utah, you'd need a household income of approximately $76K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $75K salary can afford →Closing Costs in Utah
Estimated closing costs in Utah: $3K (1.3% of purchase price). Utah has no transfer tax, which helps keep your upfront costs lower.
What to Know About a $250K Mortgage in Utah
With 10% down ($25,000), your loan of $225,000 at 6.5% over 30 years produces a principal and interest payment of $1,422/mo. Adding Utah's 0.58% property tax ($121/mo) and $1,200/yr insurance ($100/mo) brings your total to $1,774/mo. Because you're putting less than 20% down, PMI adds $131/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $286,975 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $26,920 over the life of the loan.