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Utah Housing Market 2022

According to Realtor.com, Salt Lake City, Utah is the top housing market positioned for growth in 2022. Salt Lake City, located upstate, is considered an outdoor enthusiast’s dream. The city is located near some of the best skiing, hiking, fishing and mountain biking in the country. Many people from California and Colorado moved to Utah during the pandemic because of the lower cost of living, affordable housing, and good schools.

The housing market in Utah jumped 29.9% year over year, with the average home in Utah being $543,774. At the same time, the number of homes for sale fell by 17.4%. Utah’s housing market is extremely competitive. In fact, 57% of homes sold were above list price. Low inventory and strong demand drove prices higher last year.

According to the latest monthly report from the Utah Association of Realtors, there were only 2,778 homes for sale in February, compared to more than 9,000 during the same period in 2020. This is the lowest number since 2003 and translates into approximately half a month’s supply. A balanced supply between buyers and sellers typically has around six months of inventory. The competitive market is currently showing no signs of slowing down.

How do I calculate my mortgage payment?

We recommend that you use a mortgage calculator to calculate your mortgage payment. The formula to calculate by hand is quite complex. It looks like this:

Despite rising mortgage rates in recent months, Utah mortgage rates are still at historic lows. To calculate your monthly mortgage payments in Utah, you’ll need to enter your estimated mortgage amount, the term of your loan, and the rate you think you qualify for.

The term of the loan is the number of years you have to pay off your mortgage. Common terms are 15-year and 30-year mortgages. The higher your credit score, the more likely you are to get the most competitive mortgage rate available. In addition, you can choose a fixed interest rate for the duration of your loan or an adjustable rate that changes over time depending on market conditions.

What other fees do I have to pay?

There are other monthly expenses you’ll need to consider beyond the purchase price, such as home insurance and property taxes. When using our Utah Mortgage Calculator, keep in mind that property taxes paid as a percentage of owner-occupied homes average 0.62%. Property taxes may change depending on your county.

Homeowners can also be part of a homeowners association (HOA) and must pay a monthly HOA fee in addition to their mortgage payment. HOA fees typically cover maintenance of common areas and often include services such as garbage removal. To enter these additional costs into the Utah Mortgage Calculator above, simply click on “Additional Inputs” (under “Mortgage Type”).

You may also need to consider private mortgage insurance (PMI). Homeowners will have to pay PMI if they don’t put down at least a 20% down payment on their home. With all of these potential costs, it’s worth using our Utah home loan calculator. Our tool will help you break down your costs so you can see what your monthly mortgage payments will look like under different scenarios.

If you want to refinance an existing mortgage, our Utah Mortgage Calculator can also help you figure out your monthly payment — and you can check out our list of the best refinance lenders to start that process.

What to know before buying a house in Utah

Before buying a home in Utah, it’s important to make sure your finances are in order. Make sure you have established a budget for the purchase of a house. To get the most competitive mortgage rates from a lender, you’ll need:

Utah consists of three main geographic areas, the Rocky Mountains, the Base and Ridge region, and the Colorado Plateau. Utah is a popular outdoor state with five national parks, top-notch ski resorts, and numerous national wonders.

Utah is also home to common natural disasters such as wildfires, floods, and severe storms. Utah has about 800 to 1,000 wildfires per year and is considered one of the most fire-prone states in the United States.

Learn more: Homebuyer’s Checklist

Tips for First Time Home Buyers in Utah

Here are some important tips for first-time home buyers in Utah. There are several programs available to first-time home buyers through the Utah Housing Corporation (UHC). Established in 1975 by the Utah State Legislature, UHC’s purpose is to help provide more affordable housing for low- and middle-income families. UHC has four mortgage programs for first-time home buyers. There are other organizations such as the Community Development Corporation of Utah and several statewide programs.

Loans and programs for home ownership

Here are other homeownership programs that potential homeowners can consider:

  • FHA loans are mortgages guaranteed by the Federal Housing Authority and require a 3.5% down payment.
  • VA loans are for military service members and require a 0% down payment.
  • USDA loans are government guaranteed loans for qualifying properties and require a 0% down payment.
  • Fannie Mae and Freddie Mac are conventional loans that require a 3% down payment.

Still have questions ?

Here are some other questions we answered:

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