Monthly Payment on a $350K Mortgage in Utah
Using Utah's 0.58% property tax rate and $1,200/yr homeowners insurance.
$350K 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% | $2,351 | $2,241 | $1,859 |
| 6.0% | $2,457 | $2,342 | $1,948 |
| 6.5% | $2,565 | $2,444 | $2,039 |
| 7.0% | $2,675 | $2,549 | $2,132 |
| 7.5% | $2,788 | $2,655 | $2,227 |
| 8.0% | $2,903 | $2,764 | $2,324 |
How This Compares to Utah's Median
A $350K home is 27% below Utah's median of $480K. You'll find homes at this price in cities like Vernal.
Income Needed for a $350K Home in Utah
To afford this payment of $2,444/mo in Utah, you'd need a household income of approximately $105K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $100K salary can afford →Closing Costs in Utah
Estimated closing costs in Utah: $5K (1.3% of purchase price). Utah has no transfer tax, which helps keep your upfront costs lower.
What to Know About a $350K Mortgage in Utah
With 10% down ($35,000), your loan of $315,000 at 6.5% over 30 years produces a principal and interest payment of $1,991/mo. Adding Utah's 0.58% property tax ($169/mo) and $1,200/yr insurance ($100/mo) brings your total to $2,444/mo. Because you're putting less than 20% down, PMI adds $184/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $401,765 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $37,688 over the life of the loan.