Wyoming Mortgage Calculator
Calculate your Wyoming mortgage payment with PMI, property tax, and closing costs.
Useful for home buyers in Cheyenne, Casper, Laramie, Gillette, Rock Springs, and all of Wyoming.
Useful for home buyers in Cheyenne, Casper, Laramie, Gillette, Rock Springs, and all of Wyoming.
Why use a Wyoming Mortgage Calculator?
Wyoming has one of the lowest property tax rates in the country and no transfer tax, but does have documentary fees. This calculator estimates your payment, PMI, property tax, and closing costs specific to Wyoming.
Wyoming has one of the lowest property tax rates in the country and no transfer tax, but does have documentary fees. This calculator estimates your payment, PMI, property tax, and closing costs specific to Wyoming.
Result
Enter your details to see the estimated payment here.
Related Calculators
Wyoming Property Tax: The average effective property tax rate is about 0.55%, one of the lowest in the country. Wyoming has no state transfer tax but does charge documentary fees for recording documents.
Average Home Prices in Major Wyoming Cities (2024)
| City | Detached | Semi-Detached | Townhouse | Condo |
|---|---|---|---|---|
| Cheyenne | $350,000 | $310,000 | $280,000 | $250,000 |
| Casper | $310,000 | $275,000 | $250,000 | $225,000 |
| Laramie | $370,000 | $330,000 | $300,000 | $270,000 |
| Gillette | $300,000 | $265,000 | $240,000 | $215,000 |
| Rock Springs | $280,000 | $250,000 | $230,000 | $200,000 |
Note: Prices are approximate averages for 2024 and may vary by neighborhood and property features.
How Mortgage Rules Work in Wyoming
- Property Tax: Wyoming has one of the lowest property tax rates in the country with an average effective rate of about 0.55%. Property taxes are paid annually or semi-annually and may be included in your monthly payment.
- Documentary Fees: Wyoming does not have a transfer tax but does charge documentary fees for recording documents, typically around $12 for the first page and $3 for each additional page.
- No State Income Tax: Wyoming is one of seven states with no state income tax, which can make homeownership more affordable for residents.
- 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: Wyoming's closing costs include title insurance, appraisal fees, and other expenses, typically ranging from 2-3% of the purchase price.
Example: On a $350,000 home with 10% down in Cheyenne, you pay PMI and property tax. Closing costs typically range from 2-3% of the purchase price.
Frequently Asked Questions
Wyoming has one of the lowest property tax rates in the country with an average effective rate of about 0.55% of the assessed value. Property taxes are paid annually or semi-annually and may vary by county and municipality. Wyoming assesses residential property at just 9.5% of its market value, which contributes to the low effective rate.
Wyoming does not have a transfer tax or deed tax based on the property's value. However, there are nominal documentary fees for recording documents, typically around $12 for the first page and $3 for each additional page. These fees are much lower than the transfer taxes charged in many other states.
Yes, the Wyoming Community Development Authority (WCDA) offers several programs for first-time homebuyers, including the Standard First-Time Homebuyer Program, which provides competitive interest rates, and the Home$tretch Down Payment Assistance Program, which offers loans up to $10,000 for down payment and closing costs.
Wyoming offers significant tax advantages for homeowners, including one of the lowest property tax rates in the country, no state income tax, and no transfer tax on real estate transactions. These advantages, combined with standard federal tax deductions for mortgage interest and property taxes, can make homeownership in Wyoming quite affordable from a tax perspective.