Mortgage Calculator & Closing Costs: Salt Lake City, UT
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Salt Lake City, Utah.
Median Home Price
$525K
Population
200K
Avg Monthly Rent
$1,580
Property Tax Rate
0.58% *
* Property tax shown is the Utah state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Salt Lake City.
Salt Lake City vs Utah Median
The median home price in Salt Lake City is $525,000, which is 9% above the Utah state median of $480,000.
Mortgage Calculator — Salt Lake City, UT
Pre-filled with Salt Lake City median home price and Utah tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $525K home using Utah's 0.58% tax rate and $1,200/yr insurance.
5% Down
$3,797/mo
Down: $26,250
Loan: $499K
P&I: $3,152
Tax: $254
Insurance: $100
PMI: $291
10% Down
$3,616/mo
Down: $52,500
Loan: $473K
P&I: $2,987
Tax: $254
Insurance: $100
PMI: $276
20% Down (No PMI)
$3,008/mo
Down: $105,000
Loan: $420K
P&I: $2,655
Tax: $254
Insurance: $100
Income needed (28% rule): $129K/year with 20% down, $155K/year with 10% down.
Rent vs Buy in Salt Lake City
Rent
$1,580/mo
vs
Buy (10% down)
$3,616/mo
Price-to-rent ratio: 27.7 — At a ratio above 20, renting may be more economical in Salt Lake City for shorter stays. Buying costs $2,036 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in Salt Lake City is $525,000, 9% above the Utah state median of $480,000. With a population of 200,133, Salt Lake City is a mid-size city where home prices reflect strong demand and local economic factors.
Property taxes in Utah average 0.58% annually. This low property tax rate is a significant advantage for Salt Lake City buyers, keeping your monthly costs well below what you'd pay in higher-tax states. Homeowners insurance in Utah runs approximately $1,200 per year. This is within the normal range nationally.
Average rent in Salt Lake City is $1,580/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Salt Lake City is a higher-cost market. At $525K median, buyers need significant savings or strong income. Down payment assistance through Utah's UHC FirstHome Loan program becomes especially important.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Salt Lake City.