Monthly Payment on a $300K Mortgage in Utah
Using Utah's 0.58% property tax rate and $1,200/yr homeowners insurance.
$300K 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% | $2,029 | $1,936 | $1,608 |
| 6.0% | $2,120 | $2,021 | $1,684 |
| 6.5% | $2,213 | $2,109 | $1,762 |
| 7.0% | $2,307 | $2,199 | $1,842 |
| 7.5% | $2,404 | $2,290 | $1,923 |
| 8.0% | $2,502 | $2,384 | $2,006 |
How This Compares to Utah's Median
A $300K home is 38% below Utah's median of $480K. You'll find homes at this price in cities like Vernal.
Income Needed for a $300K Home in Utah
To afford this payment of $2,109/mo in Utah, you'd need a household income of approximately $90K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $90K salary can afford →Closing Costs in Utah
Estimated closing costs in Utah: $4K (1.3% of purchase price). Utah has no transfer tax, which helps keep your upfront costs lower.
What to Know About a $300K Mortgage in Utah
With 10% down ($30,000), your loan of $270,000 at 6.5% over 30 years produces a principal and interest payment of $1,707/mo. Adding Utah's 0.58% property tax ($145/mo) and $1,200/yr insurance ($100/mo) brings your total to $2,109/mo. Because you're putting less than 20% down, PMI adds $158/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $344,370 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $32,304 over the life of the loan.