Mortgage Calculator Connecticut 2026: Payment, PMI & Conveyance Tax
This mortgage calculator for Connecticut estimates your full monthly payment — principal & interest, property tax, homeowners insurance and PMI — plus the state and town real estate conveyance tax. Enter your own rate; everything is calculated privately in your browser.
A mortgage calculator for Connecticut estimates the full monthly cost of a Connecticut home loan: principal and interest from standard amortization, plus property tax, homeowners insurance and private mortgage insurance (PMI) when you put down less than 20%. It also shows the real estate conveyance tax, 0.75% state plus 0.25% town on most homes, which the seller pays.
How the Mortgage Calculator Connecticut Formula Works (Worked Example)
Principal and interest use the standard amortization formula M = P × r(1+r)n ÷ ((1+r)n − 1), where P is the loan amount, r the monthly rate (annual rate ÷ 12) and n the number of payments. Property tax is the home price × your local rate ÷ 12, insurance is your annual premium ÷ 12, and PMI is the loan amount × your PMI rate ÷ 12. Example: a $385,000 Connecticut home, 10% down, 30-year fixed at a user-entered 6.5% (click Load Example above to reproduce it).
| Item | Inputs | Monthly |
|---|---|---|
| Principal & interest | $346,500 loan, 6.5%, 360 payments | $2,190.12 |
| Property tax | 1.54% of $385,000 ($5,929/yr) | $494.08 |
| Homeowners insurance | $1,600/yr (example — use your quote) | $133.33 |
| PMI | 0.6% of $346,500 ($2,079/yr) | $173.25 |
| Total monthly payment | $2,990.78 | |
| State conveyance tax (one-time, seller) | $385,000 × 0.75% | $2,887.50 |
| Town conveyance tax (one-time, seller) | $385,000 × 0.25% | $962.50 |
Over 30 years this loan pays about $441,940 in interest. Your rate is an input, not an assumption — check the current weekly national average in Freddie Mac’s Primary Mortgage Market Survey and compare lender Loan Estimates.
Connecticut Property Tax Rate and Your Monthly Payment
Connecticut has some of the highest property taxes in the US. The Tax Foundation (Property Taxes by State and County, 2026 edition, from Census American Community Survey data for 2020–2024) puts the statewide effective rate at about 1.54% of owner-occupied home value, third highest after New Jersey and Illinois. Each town sets its own mill rate and assesses homes at 70% of fair market value, so bills differ a lot from one town to the next. Enter the effective rate for your town (annual tax ÷ price) for the best estimate.
| Local rate | Annual tax on $385,000 | Added to monthly payment |
|---|---|---|
| 1.16% | $4,466 | $372.17 |
| 1.54% (statewide default) | $5,929 | $494.08 |
| 2.31% | $8,894 | $741.13 |
Connecticut Closing Costs: Real Estate Conveyance Tax
Connecticut’s real estate conveyance tax is paid by the seller and has two parts. The state tax on a residential sale is 0.75% of the price up to $800,000, 1.25% of the part between $800,000 and $2.5 million, and 2.25% of the part above $2.5 million (Conn. Gen. Stat. § 12-494; Connecticut DRS). The municipal tax is 0.25% in most towns. Certain targeted investment communities, such as Hartford, New Haven, Bridgeport and Stamford, may charge up to 0.5%. The town clerk collects both when the deed is recorded.
| Connecticut item | Amount | Usually paid by |
|---|---|---|
| State conveyance tax (Conn. Gen. Stat. § 12-494) | 0.75% up to $800,000; 1.25% to $2.5M; 2.25% above — $2,887.50 on $385,000 | Seller |
| Municipal conveyance tax | 0.25% (up to 0.5% in some towns) — $962.50 at 0.25% | Seller |
| Escrow deposits for tax and insurance | Set by your lender — see your Loan Estimate | Buyer |
| Lender, appraisal and title charges | Vary by lender and title company — compare Loan Estimates | Negotiable |
Some costs are negotiable, and sellers sometimes cover part of a buyer’s closing costs as a concession.
How Connecticut Mortgage Rates Affect Your Payment
Rates in Connecticut follow national mortgage markets and vary by lender, credit score, down payment and loan type. The 6.85% default is an example rate, not a quoted average. On a $385,000 home with 20% down, it produces a monthly principal and interest payment of about $2,018. A 0.25% rate increase adds roughly $52 to that payment, so shopping multiple lenders can save thousands over the life of the loan.
Adjustable-rate mortgages (ARMs) often start lower but carry rate-reset risk. FHA loans (3.5% down), VA loans (0% down for eligible veterans) and USDA loans (0% down in eligible rural areas) are alternatives to a conventional loan in Connecticut.
First-Time Buyer Programs in Connecticut
The Connecticut Housing Finance Authority (CHFA) offers first-time homebuyer mortgages and down payment assistance loans. Check CHFA for current income and sales price limits.
FHA loans are available nationwide with 3.5% down for borrowers with a 580+ credit score. VA loans require no down payment and no PMI for qualified veterans and service members.
If your down payment is below 20%, PMI on a $346,500 loan adds about $173/month at a 0.6% annual rate. The Urban Institute puts typical PMI at roughly 0.46%–1.5% of the loan per year depending on credit score. PMI can be removed once your loan-to-value ratio reaches 80%, so extra payments accelerate the timeline to dropping PMI.
Last updated: October 2026. Estimates only — confirm figures with your lender, title company and local tax office.
Frequently Asked Questions
What is the average mortgage rate in Connecticut in 2026?
Connecticut mortgage rates track national averages and change weekly. Check the Freddie Mac Primary Mortgage Market Survey for the current 30-year fixed average, then compare quotes from several lenders - your rate depends on credit score, down payment and loan type.
What is the average monthly mortgage payment in Connecticut?
It depends on price, rate and local taxes. As an example, a $385,000 home with 20% down at 6.85% comes to about $2,646 a month in principal, interest, taxes and insurance, assuming a 1.54% property tax rate and $1,600 a year for insurance. Enter your own numbers above.
Do I need PMI in Connecticut?
Yes — if your down payment is less than 20%, lenders in Connecticut require Private Mortgage Insurance (PMI) on conventional loans. The Urban Institute puts typical PMI at about 0.46%–1.5% of the loan amount per year, depending on credit score. PMI is removed once you reach 20% equity.
What is the average home price in Connecticut?
Home prices change every month and vary widely by city and county, so this page does not quote a statewide median. The $385,000 default in the calculator is only an example — enter the price of the home you are considering.
What is the property tax rate in Connecticut?
The Tax Foundation’s 2026 edition, using Census data for 2020-2024, puts Connecticut’s statewide effective property tax rate at about 1.54% - roughly $5,929 a year on a $385,000 home, third highest in the US. Each town sets its own mill rate on 70% of fair market value, so bills vary widely.
How much is the conveyance tax in Connecticut?
The seller pays Connecticut’s conveyance tax. The state portion is 0.75% of the price up to $800,000, 1.25% of the part up to $2.5 million and 2.25% above that. Most towns add 0.25%, and some targeted towns up to 0.5%. On a $385,000 home that is $2,887.50 state plus $962.50 town tax.
What is the monthly payment on a $385,000 house in Connecticut?
With 10% down and a 30-year fixed loan at 6.5%, principal and interest is about $2,190 a month. Adding 1.54% property tax ($494), $1,600 a year insurance ($133) and 0.6% PMI ($173) brings the total to about $2,991 a month.