Monthly Payment on a $100K Mortgage in Connecticut
Using Connecticut's 2.15% property tax rate and $2,100/yr homeowners insurance.
$100K Mortgage in Connecticut: Rate Comparison
Monthly PITI payment using Connecticut's 2.15% property tax and $2,100/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $949 | $918 | $808 |
| 6.0% | $979 | $946 | $834 |
| 6.5% | $1,010 | $976 | $860 |
| 7.0% | $1,042 | $1,005 | $886 |
| 7.5% | $1,074 | $1,036 | $914 |
| 8.0% | $1,107 | $1,067 | $941 |
How This Compares to Connecticut's Median
A $100K home is 75% below Connecticut's median of $405K. This is well within reach in many Connecticut communities.
Income Needed for a $100K Home in Connecticut
To afford this payment of $976/mo in Connecticut, you'd need a household income of approximately $42K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $40K salary can afford →Closing Costs in Connecticut
Estimated closing costs in Connecticut: $2K (2.1% of purchase price). Connecticut also charges a 1.25% transfer tax, which may add $1,250 to your transaction costs.
What to Know About a $100K Mortgage in Connecticut
Note that Connecticut's 2.15% property tax rate adds $179/mo to your payment — significantly more than the national average of roughly 1.1%. On a $100K home, that's $2,150/year in property taxes alone. This is a major factor in your total payment and something to budget for carefully.
With 10% down ($10,000), your loan of $90,000 at 6.5% over 30 years produces a principal and interest payment of $569/mo. Adding Connecticut's 2.15% property tax ($179/mo) and $2,100/yr insurance ($175/mo) brings your total to $976/mo. Because you're putting less than 20% down, PMI adds $53/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $114,790 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $10,768 over the life of the loan.