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Mortgage Calculator — Salt Lake City, UT
Median home price in Salt Lake City: $490,000. Monthly payment: $2,608/month (20% down, 7%, 30yr). Property tax rate: 0.58%.
= $98,000
Monthly Payment
$2,608
Loan Amount
$392,000
Total Interest
$546,875
Total Cost
$1,036,875
Payment Breakdown
Down Payment$98,000 (9.5%)
Principal$392,000 (37.8%)
Total Interest$546,875 (52.7%)
Salt Lake City Mortgage Payments by Rate
| Rate | 15-Year | 30-Year | Total Interest (30yr) |
|---|---|---|---|
| 5.5% | $3,203 | $2,226 | $409,264 |
| 6% | $3,308 | $2,350 | $454,086 |
| 6.5% | $3,415 | $2,478 | $499,974 |
| 6.75% | $3,469 | $2,543 | $523,302 |
| 7% | $3,523 | $2,608 | $546,875 |
| 7.25% | $3,578 | $2,674 | $570,687 |
| 7.5% | $3,634 | $2,741 | $594,732 |
| 8% | $3,746 | $2,876 | $643,489 |
Salt Lake City Property Tax & Total Housing Cost
Property Tax Rate
0.58%
$2,842/year
Monthly P&I
$2,608
20% down, 7%, 30yr
Est. Total Monthly
$2,845
P&I + property tax
Affordability in Salt Lake City
10% down ($49,000)$135,892/yr needed
15% down ($73,500)$128,906/yr needed
20% down ($98,000)$121,921/yr needed
25% down ($122,500)$114,935/yr needed
Based on 28% housing cost rule. Includes property tax.