Utah has one of the lowest property tax rates in the country at 0.63% and very affordable homeowners insurance averaging around $1,000 per year, but the state's home prices have risen dramatically — with a statewide median near $547,000 — driven by the Silicon Slopes tech corridor between Salt Lake City and Provo, strong population growth, and a young demographic profile. The Wasatch Front offers some of the best skiing, outdoor recreation, and quality of life in the country, making Utah a highly competitive market despite elevated prices.
Calculate Your Monthly Payment
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Select a program to apply FHA/VA/USDA rules.
Funding fee is often financed into the loan.
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20.0% of home price
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Used to estimate potential Year‑2 escrow shock if taxes reset after purchase.
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Principal & Interest • Tax • Insurance • PMI • HOA
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Note: This is an estimate. Tax timing, exemptions, and escrow rules vary by county and lender. Always verify with your county assessor and your lender’s escrow analysis.
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Disclaimer: Results shown are estimates for educational purposes only and do not constitute financial, tax, legal, or investment advice. Actual payments vary based on lender, credit score, loan type, and local assessments. Consult a licensed mortgage professional for your specific situation.
Utah Mortgage Calculator Guide
Buying a home in Utah requires understanding local costs. The median home price in the state sits around $547,000, which means your down payment and loan amount will heavily dictate your monthly expenses. Because Utah has an average property tax rate of 0.63%, factoring this into your monthly mortgage payment is essential for an accurate budget.
Beyond principal and interest, homeowners insurance in Utah averages $1,000 per year. Local weather risks and property age can push this number higher. By using our pre-loaded local averages, you get a realistic view of your true housing costs rather than just a basic principal calculation.
If you put down less than 20%, you will also need to pay Private Mortgage Insurance (PMI). Adjust the down payment field above to see exactly how your PMI drops off once you reach that 20% equity threshold in Utah.
Utah's average property tax rate of 0.63% is among the lowest in the nation, well below the national average of 1.07%. Utah's Truth in Taxation law requires public hearings when taxing entities propose raising more revenue, creating accountability that helps keep rates low. The state also offers a Circuit Breaker credit for qualifying low-income seniors and a Homeowner's Primary Residence Exemption of 45% on the assessed value for primary residences, further reducing taxable value. On a $547,000 home with the primary residence exemption, effective annual taxes average approximately $1,891.
Frequently Asked Questions
Utah's average property tax rate is 0.63%, well below the national average. The state's Primary Residence Exemption reduces the assessed value used for taxation by 45%. On a $547,000 home with the exemption, effective annual taxes average approximately $1,891 — one of the lowest annual bills for a high-value home state.
Utah's statewide median is approximately $547,000. Salt Lake City averages near $540,000, Provo around $495,000, and St. George approximately $490,000. Utah was one of the top-appreciating markets in the country during 2020-2022 and prices, while somewhat softened from peak, remain elevated.
Utah Housing Corporation offers the FirstHome Loan with competitive rates for first-time buyers, the Score Loan for buyers who don't qualify as first-time buyers, and Down Payment Assistance available to all program participants. Down payment assistance is offered as a second mortgage at a low interest rate. Income and purchase price limits apply.
Silicon Slopes is the nickname for Utah's technology corridor along the Wasatch Front, primarily between Salt Lake City and Provo. The area hosts major offices from Adobe, Qualtrics, eBay, Microsoft, and hundreds of startups. This concentration of high-paying tech jobs has driven significant in-migration of higher-earning workers, increasing housing demand and pushing prices well above Utah's historical norms.
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