Utah variant. This is a Utah-specific version of the Refinance Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Refinance Calculator.
Refinancing a Utah mortgage makes sense when the monthly interest savings recover your closing costs before you sell or move. On the state's $510,000 median home, even a small rate drop moves real money.
When refinancing pays off in Utah
Closing costs typically run 2-5% of the loan balance. On a $408,000 loan (80% of the $510,000 median home), that's roughly $12,240 at 3%.
Your break-even point is closing costs ÷ monthly savings. Drop your rate enough to save $200/month and you'd recover $12,240 in about 61 months - refinance only if you'll stay past that point.
About taxes and housing in Utah
Utah imposes a flat individual income tax rate of roughly 4.55%.
Utah has a low effective property tax rate near 0.55%, but rapidly rising demand has pushed median home values above $500,000.
Utah's economy is among the fastest growing in the country, with strengths in technology, finance, and outdoor recreation.
Worked example: break-even in Utah
Loan $408,000, closing costs ≈ $12,240 (3%). If a refinance cuts your payment by $250/month, break-even ≈ 49 months. Use the calculator above with your actual rates and balance.
Quick reference
- State income tax: Flat 4.55% (down from 4.65%)
- State sales tax: 6.1% (plus 1.16% avg local)
- Median home value: $510,000
- Median household income: $87,649
- Effective property tax rate: 0.55%
- Avg auto insurance: $1,340/yr
Frequently Asked Questions
Is it worth refinancing in Utah?
It depends on your break-even: closing costs divided by monthly savings. If you'll keep the home past break-even, refinancing usually pays off.
What are typical closing costs in Utah?
Refinance closing costs generally run 2-5% of the loan, or roughly $12,240 on a median Utah loan.