Quick answer
The median home in Salt Lake City costs $520K. With 20% down ($104K) at 7% for 30 years, the monthly payment is $2,768/month. Total interest paid over 30 years: $580,357.
Calculator · UT · 2026
Mortgage Calculator for Salt Lake City, UT (2026)
Pre-filled with Salt Lake City's median home price of $520K. Compare payments across down payment sizes and loan terms at the current 7.0% baseline rate.
Last updated: April 23, 2026
Salt Lake City Mortgage Payment Scenarios
Median home price: $520K · Interest rate: 7% · Excludes property taxes and insurance.
| Down Payment | Down ($) | Loan Amount | 30-yr/mo | 15-yr/mo | Total Interest (30yr) |
|---|---|---|---|---|---|
| 5% | $26,000 | $494,000 | $3,287 | $4,440 | $689,174 |
| 10% | $52,000 | $468,000 | $3,114 | $4,207 | $652,902 |
| 20% | $104,000 | $416,000 | $2,768 | $3,739 | $580,357 |
PMI required for <20% down — add ~$100–300/month to payments above.
Rent vs Buy in Salt Lake City
Monthly cost comparison based on median prices — 20% down, 30-year mortgage at 7%.
Buying (median home)
+ builds equity in $520K asset
Renting (2-bedroom)
Flexibility to move; no equity built
Amortization Over Time
$520K home · 20% down ($416K loan) · 7% · 30 years
Year 1
Year 15
Year 30 (Final)
Frequently Asked Questions
What is the monthly mortgage payment for a home in Salt Lake City?
The median home price in Salt Lake City is $520K. With 20% down and a 30-year loan at 7%, the monthly payment is $2,768. Adding estimated property taxes and insurance brings total monthly costs to approximately $3,288.
Is it cheaper to rent or buy in Salt Lake City?
A 2-bedroom rental in Salt Lake City averages $1,850/month. Buying the median $520K home with 20% down costs approximately $3,288/month (mortgage + taxes + insurance) — $1,438 more than renting. However, buying builds equity while renting does not.
How much do I need to earn to buy a home in Salt Lake City?
Using the 28% housing rule, you need at least $119K–141K in annual gross income to comfortably afford the median $520K home in Salt Lake City with 20% down. You also need $104K+ saved for the down payment plus 2–5% in closing costs.
What are property taxes like in Salt Lake City?
UT has a state income tax rate of 4.65%. Property taxes vary by county but on a $520K home, expect $433–$867/month in property taxes (1–2% annual rate). This is in addition to your mortgage payment.