How Much House Can You Really Afford in Utah?
Calculating your budget is the first step to homeownership. But be careful—default calculator settings often don't reflect today's reality.
- Check Your Rate: The "Interest Rate" field is pre-filled with a national average. Please update it to match the current rate for your loan type (Conventional, FHA, or VA).
- Use the "Advanced" Dropdown: Click "Advanced" in the calculator to enter crucial details like HOA Fees (common in Daybreak/Vineyard) and Property Taxes (approx 0.55% in Utah).
📚 Click Here for Help: Understanding Calculator Terms
Annual Income: This is the combined annual income for you and your co-borrower. Include all income before taxes, including base salary, commissions, bonuses, overtime, tips, rental income, alimony, child support, etc.
Down Payment: The typical rule of thumb is to pay 20% of the home's price to avoid mortgage insurance, although FHA loans require as little as 3.5% down. A larger down payment lowers your monthly payments.
Other Monthly Debts: Include minimum payments for credit cards, car loans, student loans, and child support.
Do NOT include: Expenses like groceries, utilities, or credit card balances you pay off in full each month.
Loan Type & Term:
• Fixed-Rate (30 or 15 Year): Your interest rate and payment stay the same for the life of the loan.
• Adjustable-Rate (ARM): Starts with a lower rate that can change after a
AFFORDABILITY CALCULATOR
Quite affordable.