Utah Refinance Calculator

Consider refinancing in Utah when current rates are at least 0.5-1% lower than your rate, your credit score has improved significantly, you want to switch from an ARM to a fixed-rate mortgage, or you want to tap into home equity. With Utah's median home price of $485,000, even a 0.5% rate reduction on a typical $388,000 loan can save you $129 per month. Calculate your break-even point to ensure savings outweigh closing costs.

Refinancing costs in Utah typically run about 2.2% of your loan amount — roughly $8,536 on a $388,000 loan (based on 80% of the $485,000 median home price). This includes appraisal fees, title insurance, origination fees, and Utah-specific costs. Tax note: Utah has a flat 4.65% state income tax, and mortgage interest is deductible on the state return (as a credit), providing a moderate additional tax benefit for Utah homeowners. Some lenders offer no-closing-cost refinances with slightly higher rates.

Cash-out refinancing in Utah lets you replace your mortgage with a larger loan and receive the difference in cash. You can typically borrow up to 80% of your home's value. With Utah's median home price at $485,000, that could mean up to $388,000 in total loan value. This money can be used for home improvements, debt consolidation, or other expenses.

Utah's property tax rate of 0.63% means you're paying approximately $3,056 per year ($255/month) in property taxes on a $485,000 home. These relatively low property taxes mean more of your monthly payment goes toward principal and interest, giving you more room to benefit from a rate reduction.