Connecticut Mortgage Calculator
Calculate your Connecticut mortgage payment with PMI, property tax, and closing costs.
Useful for home buyers in Bridgeport, New Haven, Hartford, Stamford, Waterbury, and all of Connecticut.
Useful for home buyers in Bridgeport, New Haven, Hartford, Stamford, Waterbury, and all of Connecticut.
Why use a Connecticut Mortgage Calculator?
Connecticut has high property tax rates and varying home prices. This calculator estimates your payment, PMI, property tax, and closing costs.
Connecticut has high property tax rates and varying home prices. This calculator estimates your payment, PMI, property tax, and closing costs.
Result
Enter your details to see the estimated payment here.
Related Calculators
Connecticut Property Tax: The average effective property tax rate is about 2.14%. Closing costs in CT are typically 2-5% of the purchase price.
Average Home Prices in Major Connecticut Cities (2024)
| City | Detached | Semi-Detached | Townhouse | Condo |
|---|---|---|---|---|
| Bridgeport | $350,000 | $300,000 | $280,000 | $220,000 |
| New Haven | $300,000 | $280,000 | $250,000 | $200,000 |
| Hartford | $280,000 | $250,000 | $220,000 | $180,000 |
| Stamford | $700,000 | $600,000 | $500,000 | $400,000 |
| Waterbury | $240,000 | $210,000 | $190,000 | $160,000 |
Note: Prices are approximate averages for 2024 and may vary by neighborhood and property features.
How Mortgage Rules Work in Connecticut
- Property Tax: Connecticut's average effective property tax rate is about 2.14%. Property taxes are paid annually and may be included in your monthly payment.
- PMI (Private Mortgage Insurance): If your down payment is less than 20%, you must pay PMI, which is added to your monthly payment until you reach 20% equity.
- Closing Costs: Connecticut's closing costs include title insurance, conveyance tax, and other expenses.
Example: On a $400,000 home with 10% down in Bridgeport, you pay PMI and property tax. Closing costs are typically 2-5% of the purchase price.
Frequently Asked Questions
Yes, Connecticut has a property tax. The average effective rate is about 2.14% of the assessed value, which is one of the highest in the nation. Property taxes are paid annually.
PMI (Private Mortgage Insurance) is required when your down payment is less than 20%. It protects the lender and is added to your monthly payment until you reach 20% equity.
Closing costs in Connecticut are typically 2-5% of the purchase price and include title insurance, conveyance tax, and other expenses. Connecticut has a state conveyance tax of 0.75% for homes under $800,000.