Connecticut Mortgage Calculator
The median home price in Connecticut is $380,000. With a 20% down payment at the state's average 30-year fixed rate of 7%, your estimated all-in monthly payment (principal, interest, taxes, and insurance) is approximately $2,825. Connecticut's property tax rate of 2.14% annually is above the U.S. national average of 1.07%.
A buyer earning Connecticut's median household income of $90,000 would dedicate roughly 38% of gross monthly income to housing — significantly strained by the standard 28% guideline.
Median Home Price
$380,000
Avg 30-yr Rate
7%
Property Tax Rate
2.14%/yr
Est. Monthly PITI
$2,825
Mortgage Calculator
Total Monthly Payment
$2,825.19
Loan Amount
$304,000
Total Paid
$728,107
Total Interest
$424,107
How to Get a Mortgage in Connecticut
- 1 Check your credit score. In Connecticut, most conventional lenders require 620+; FHA allows 580+ with 3.5% down.
- 2 Save for your down payment. On a $380,000 Connecticut home, 20% down is $76,000 — avoiding PMI and reducing your monthly payment.
- 3 Get pre-approved from 2–3 lenders. Rates in Connecticut average 7%, but shopping lenders often saves 0.25–0.5%.
- 4 Account for closing costs — typically 2–5% of the loan amount, or $9,120–$15,200 on a median Connecticut purchase.
- 5 Budget for ongoing costs: Connecticut property taxes average 2.14%/yr ($8,132/yr on the median home), plus homeowner's insurance averaging $1.500/yr.
Monthly Cost Breakdown — Median Connecticut Home
Excludes HOA fees, PMI (not required with 20% down), and utilities.
Connecticut Mortgage FAQs
What is the average home price in Connecticut?
The median home price in Connecticut is $380,000 (2024 estimate). With a typical 20% down payment of $76,000, a buyer would finance $304,000 at a 30-year fixed rate.
What are property taxes like in Connecticut?
Connecticut has an average effective property tax rate of 2.14% of assessed home value. On a $380,000 home, that's approximately $8,132 per year ($678/month) — above the national average of 1.07%.
How much income do I need to buy a home in Connecticut?
To keep housing costs at or below the recommended 28% of gross monthly income on a median-priced Connecticut home, you'd need to earn roughly $121,079 per year. The state's median household income is $90,000, meaning the typical household allocates about 38% of gross income to housing — significantly strained.
What is the average mortgage rate in Connecticut?
The average 30-year fixed mortgage rate in Connecticut is approximately 7% (2024 average). Rates vary by lender, credit score, loan-to-value ratio, and loan type. Borrowers with credit scores above 740 typically qualify for the best available rates.
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