Mortgage Calculator in Connecticut

Calculate your monthly mortgage payment in Connecticut using the 2026 median home price of $415K and current local rates. Adjust the inputs below. Formula shown, sources cited — no account required.

Connecticut's housing market spans a wide range from suburban New York commuter towns with prices well above the state median to smaller cities like Waterbury and New Britain where ownership is far more accessible. The statewide median sits at $415,000. Property taxes average 1.79%, the highest on this list — that adds roughly $7,429 per year to the cost of owning the median home, or about $619 per month. Buyers frequently underestimate this line item. Connecticut charges a real estate conveyance tax at closing, which adds to acquisition costs beyond the 1.5% average closing cost estimate. The HFA Advantage Loan and the Time to Own Program offer income-qualified buyers access to down payment assistance and competitive rates. Use the mortgage calculator with Connecticut's high property tax rate to see how that annual cost shifts your true monthly housing payment compared to lower-tax states.

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Connecticut's average mortgage rate of 6.35% and median home price of $415K produce a monthly P&I of approximately $2,324 before taxes and insurance.

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Connecticut Housing Market at a Glance (2026)

$415K

Median Home Price

6.35%

Avg Mortgage Rate

1.79%

Property Tax Rate

10%

Typical Down Payment

Buying a Home in Connecticut: Costs to Know

Average closing costs1.5% of purchase price

On a $415K home, closing costs â‰ˆ$6,225

Median household income$96,049/yr

State income tax (top rate)6.99%

First-Time Buyer Programs in Connecticut

Connecticut offers state-sponsored programs that can reduce your down payment or closing costs:

✓HFA Advantage Loan
✓Time to Own Program

How Mortgage Payments Work in Connecticut

A standard mortgage payment in Connecticut is calculated using the amortization formula:M = P[r(1+r)^n] / [(1+r)^n - 1]

Where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. On a $415K home in Connecticut with a 10% down payment at 6.35% over 30 years, your principal and interest payment comes to approximately $2,324/month— not including property taxes or homeowner's insurance.

Connecticut's property tax rate of 1.79% adds roughly $619/month to your total housing cost on a $415K home. This rate is above the national average of ~1.1%, so factor it carefully into your budget.

Connecticut vs. National Average

Metric	Connecticut	National Avg
Median Home Price	$415,000	$420,000
Property Tax Rate	1.79%	1.07%
Avg Mortgage Rate	6.35%	6.85%
Cost of Living Index	114	100

Questions You Might Ask — Mortgage Calculator in Connecticut

What is the average mortgage payment in Connecticut?

Based on the median home price of $415K in Connecticut with a 10% down payment and 6.35% rate (30-year fixed), the estimated monthly principal and interest payment is approximately $2,324. Adding property taxes (~$619/mo) and homeowner's insurance, total PITI is typically $3,093–$3,193/month.

What is the property tax rate in Connecticut?

Connecticut has an average effective property tax rate of 1.79%. On the median home price of $415K, that equals roughly $7,429 per year — or $619 added to your monthly mortgage payment. This is above the national average of ~1.1%, so budget carefully.

How much down payment do I need to buy a home in Connecticut?

The typical down payment in Connecticut is 10% — about $41,500 on the median $415K home. Conventional loans require as little as 3% down; FHA loans allow 3.5%. First-time buyers may also qualify for assistance through programs like HFA Advantage Loan.

What are closing costs in Connecticut?

Average closing costs in Connecticut are approximately 1.5% of the purchase price — about $6,225 on the median $415K home. Closing costs include lender origination fees, title insurance, escrow, prepaid interest, and government recording fees.

What income do I need to afford the median home in Connecticut?

To afford the $415K median home in Connecticut under the 28% housing-cost rule, you need a gross monthly income of at least $11,046 — roughly $133K/year. The median household income in Connecticut is $96,049.

Data Sources & Methodology

State data sourced from the National Association of Realtors (median home prices), Tax Foundation (property tax rates, income tax), Freddie Mac PMMS (mortgage rates), ATTOM Data Solutions (closing costs), and U.S. Census Bureau ACS (household income). Last updated 2026.