Full breakdown with taxes, insurance, HOA, and closing costs
Buying a $600,000 home in Utah? That's a solid mid-to-premium property in places like Lehi, Herriman, Draper, or Sandy. But knowing the actual monthly cost — beyond just the principal and interest — is critical. Let me walk you through the real numbers, state by state impact, and what you need to earn to qualify.
| Component | Amount |
|---|---|
| Home Price | $600,000 |
| Down Payment (20%) | $120,000 |
| Loan Amount | $480,000 |
| Interest Rate (7.22%) | 7.22% |
| Monthly P&I | $3,489 |
| Property Tax (avg Utah 0.55%) | $275/mo |
| Homeowners Insurance | $150/mo |
| HOA (typical) | $200–$400/mo |
| Total Monthly Payment | $4,114–$4,314 |
* Property taxes vary by county. Salt Lake County ~0.55%, Utah County ~0.58%, Washington County ~0.54%. Insurance premiums depend on home age, condition, and location.
| Component | Amount |
|---|---|
| Home Price | $600,000 |
| Down Payment (10%) | $60,000 |
| Loan Amount | $540,000 |
| Interest Rate (7.22%) | 7.22% |
| Monthly P&I | $3,926 |
| Private Mortgage Insurance (PMI) | $250–$350/mo |
| Property Tax | $275/mo |
| Homeowners Insurance | $150/mo |
| HOA | $200–$400/mo |
| Total Monthly Payment | $4,801–$5,101 |
PMI is required when down payment is less than 20%. Once you reach 20% equity (through paydown), PMI can be removed.
Lenders use the debt-to-income ratio (DTI): your total monthly debt divided by gross monthly income. Most require your DTI to be under 43% for mortgage approval.
| Down Payment | Monthly P&I | Total PITI + HOA | Min Annual Income Needed |
|---|---|---|---|
| 20% ($120k) | $3,489 | ~$4,200 | $116,000+ |
| 10% ($60k) | $3,926 | ~$4,900 | $136,000+ |
| 5% ($30k) | $4,173 | ~$5,200 | $145,000+ |
* Assumes 43% DTI max, existing debt = $0, other credit obligations minimal. Your actual required income may be higher if you carry car loans, credit cards, or student debt.
Utah's property tax rates are moderate nationally — lower than California, Colorado, or Arizona. This is a significant advantage for homebuyers moving from out of state.
Insurance on a $600k Utah home typically runs $100–$200/month ($1,200–$2,400/year). Factors:
Pro tip: Get quotes from 3+ insurers before closing. Shopping around can save $30–$50/month.
Many Utah communities — especially in Herriman, Draper, South Jordan, and Lehi — have HOA fees ranging from $150–$400+/month. Master-planned communities and resort-area homes (Park City, Heber) can exceed $600/month.
Budget 2–5% of the purchase price ($12,000–$30,000) for closing costs:
At Edge Home Finance, we shop lender fees aggressively to beat national averages. Most of our Utah borrowers save $500–$1,500 on closing costs compared to traditional banks.
| Loan Term | Monthly P&I | Total Interest Paid | Interest Rate |
|---|---|---|---|
| 30-Year Fixed | $3,489 (20% down) | $734,400 | 7.22% |
| 15-Year Fixed | $4,589 | $267,000 | 6.85% |
The math: A 15-year saves $467,000 in total interest but costs $1,100 more per month. It's the right move if cash flow is strong.
A $600,000 budget opens doors to premium neighborhoods across Utah:
Sarah earns $135,000 annually and wants to buy a new construction home in Lehi's Silicon Slopes for $600,000. She has $100,000 saved for down payment (16.7%).
| Home Price | $600,000 |
| Down Payment | $100,000 |
| Loan Amount | $500,000 |
| Monthly P&I @ 7.22% | $3,638 |
| Property Tax (Utah Co.) | $290 |
| Insurance | $160 |
| HOA (new construction typical) | $250 |
| Total Monthly | $4,338 |
| DTI (Sarah's gross income) | $4,338 ÷ $11,250 = 38.5% ✅ |
Result: Sarah qualifies easily, with room for other debt or a more expensive home if desired.
⚡ Quick note: My rates at Edge Home Finance consistently beat these national averages — contact me for a personalized quote.
| Loan Type | National Avg Rate |
|---|---|
| 30-Year Fixed | 7.22% |
| 15-Year Fixed | 6.85% |
| FHA 30-Year | 6.89% |
| VA 30-Year | 6.90% |
Rates shown are national averages as of November 5, 2026 sourced from Mortgage News Daily / Bankrate. Individual rates vary based on credit score, down payment, loan amount, property type, loan term, and lender. These are not rate quotes or a commitment to lend. Contact Ryan Taylor at Edge Home Finance for a personalized rate quote. Ryan Taylor NMLS# 1487488 | Edge Home Finance NMLS# 891464 | Equal Housing Opportunity.
Possibly. If you have minimal other debt, excellent credit (750+), and a higher down payment, some lenders will approve at 40–41% DTI. However, 43% is the standard. If income is tight, look at a lower price point or wait for rates to drop further.
It depends. 20% avoids PMI and drops your monthly payment. But if you can invest that $120k elsewhere and earn more than 7.22%, it might make financial sense to put 10–15% down. Run the numbers with your financial advisor.
No. Utah property taxes are reassessed periodically (usually when the home sells). Your taxes may increase 1–3% annually. Plan for that in your long-term budget.
You're locked. However, you can refinance later if rates fall more than 0.5–0.75%. Refi costs (~$3,000–$5,000) need to be recouped within your holding period. We run the math at Edge Home Finance to make sure a refi makes sense.
Absolutely. Budget an additional $300–$500/month for utilities and maintenance on a $600k home. Larger homes cost more to heat/cool and maintain.
Price per square foot varies by county. In Lehi, you're looking at $250–$350/sq ft for new construction. In St. George, similar homes run $180–$220/sq ft. In Salt Lake City proper, $250–$300/sq ft is typical. Comparison shop before committing.
A $600,000 home in Utah requires:
If you're in this range and buying in Utah, you're in a solid position. The key is shopping rates aggressively. A 0.5% difference in interest rate means $200–$300 less per month over 30 years.
At Edge Home Finance, I work with Utah buyers every day in this price range. We leverage our broker model — access to 100+ lenders — to consistently beat bank rates. If you're ready to buy or refi, let's talk.
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