Compare different loan terms using your home price of $350,000 with $70,000 down at 6.8%.
15-Year Fixed
$2,401/mo
Total interest: $152,141
Total cost: $432,141
Save $221,646 vs 30-year
20-Year Fixed
$2,088/mo
Total interest: $221,025
Total cost: $501,025
Save $152,762 vs 30-year
30-Year Fixed (Current)
$1,816/mo
Total interest: $373,787
Total cost: $653,787
Lowest monthly payment
Pro
Professional Simulator
Complete financial model: closing costs breakdown, rent vs buy, inflation-adjusted returns, true cost of ownership
years
%
%
%
%
10-Year Net Gain/Loss
-$173,685
After selling in year 10 at $493,710
Total Paid Over Hold Period
$398,929
Down + closing + all payments
Home Value at Sale
$493,710
3.5%/ yr appreciation
Selling Costs
$29,623
6% of sale price
Net Sale Proceeds
$225,244
After mortgage payoff + selling costs
Real Interest Rate
4.25%
Nominal 6.8% - inflation 2.5%
Real Monthly Payment
$1,254
Today's dollars (mid-loan)
State Property Tax
$5,600
TX rate: 1.6%
True Monthly Cost
$2,499
PITI + HOA + maintenance
Buying a Home in Utah
Utah has transformed from a relatively quiet western market into one of the country's most dynamic and competitive housing environments. The Silicon Slopes tech corridor along the Wasatch Front — running from Salt Lake City through Provo and into Utah County — has drawn major tech employers and tens of thousands of high-wage workers. With an average home price of $500,000 and supply consistently lagging demand, Utah's market has been one of the most challenging for first-time buyers in the Mountain West.
Salt Lake City proper offers urban density with access to world-class ski resorts (Park City, Alta, Snowbird) within an hour. The Salt Lake Valley suburbs — Sandy, Draper, South Jordan, Herriman — have seen explosive growth with master-planned communities and excellent schools. Utah County (Provo, Orem, Lehi) is the heart of Silicon Slopes, where tech offices line the 1-15 corridor and residential demand from young tech workers has driven persistent price appreciation even as mortgage rates rose.
Southern Utah — St. George and Washington County — has emerged as a major retirement and lifestyle market, attracting buyers from California and Nevada with its warm climate, red rock scenery, and prices that still undercut coastal alternatives. Utah's property tax rate of 0.52% is low, and the 55% assessment ratio makes the effective burden even lighter than it appears on paper.
Key Housing Facts for Utah
Average home price: $500,000
Average effective property tax rate: 0.52%
Average homeowners insurance: $1,100/year
Residential assessment ratio: 55% of market value
Most competitive markets: Salt Lake City metro, Provo/Orem, Lehi
Growing lifestyle market: St. George, Washington County
Frequently Asked Questions
Utah's average effective property tax rate is approximately 0.52%, one of the lower rates in the western US. On a $500,000 home, you'd pay roughly $2,600 per year in property taxes. Utah assesses residential property at 55% of market value, so the nominal tax rate applied is to a lower assessed value than the full purchase price.
Utah Housing Corporation (UHC) offers the FirstHome Loan with below-market interest rates and the UHC Down Payment Assistance Loan providing 4% of the first mortgage amount as a second loan at 0% interest. The Score Loan helps buyers with lower credit scores. The HomeAgain and NoMI programs address different buyer situations. Income and purchase price limits apply by county.
Utah, particularly the Wasatch Front (Salt Lake City to Provo), has experienced explosive population and economic growth driven by the Silicon Slopes tech corridor. Companies including Adobe, Qualtrics, eBay, and dozens of startups have established significant operations in the region, creating a high-wage tech workforce. Combined with one of the youngest and fastest-growing populations of any state (driven partly by large family sizes), demand for housing has dramatically outpaced supply for years.
Closing costs in Utah typically range from 2–3% of the loan amount. On a $500,000 home, expect approximately $10,000–$15,000 in closing costs. Utah does not have a state transfer tax or mortgage recording tax. Title companies typically handle closings (rather than attorneys), keeping attorney fees minimal. The UHC's 4% down payment assistance loan can offset a portion of upfront costs.