Calculated payments and savings are estimates. The calculator result does not constitute an offer for a loan and will not solicit a loan offer. Savings will depend on the actual amounts and rate for which you are approved, should you choose to apply.
Getting a Mortgage in Connecticut
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Last updated November 19, 2025
Connecticut, The Constitution State, is the richest state with a per capita income of $93k. It's no surprise then that Connecticutians' home values are among the highest. One-third of Connecticutians spend 30% or more of their incomes on housing costs, which exceeds the national average. Some of the most expensive cities to buy in Connecticut are New York City commuter suburbs, such as Greenwich.
Taking U.S. Census data, NerdWallet has crunched the numbers to help you understand what property tax rate you can expect to pay on your future home in Connecticut. Because assessed values aren't frequently updated, you may pay a higher rate at first but eventually you'll pay a similar rate.
County
Avg. property tax rate
Median home value
Capitol Planning Region
2.08%
$300,000
Greater Bridgeport Planning Region
1.84%
$406,100
Lower Connecticut River Valley Planning Region
1.69%
$362,800
Naugatuck Valley Planning Region
1.91%
$297,700
Northeastern Connecticut Planning Region
1.50%
$295,300
Northwest Hills Planning Region
1.47%
$315,500
South Central Connecticut Planning Region
1.97%
$332,200
Southeastern Connecticut Planning Region
1.71%
$307,500
Western Connecticut Planning Region
1.21%
$624,700
Source: American Communities Survey 2022, U.S. Census
How to use the mortgage calculator
To use our mortgage calculator, add your details to the following fields:
Home price
Down payment
Interest rate
Loan term (years)
After you enter this information, the calculator displays the monthly payment, as well as:
Total principal
Total interest payments
Payoff date
Calculating costs in addition to principal and interest
The calculator lets you fine-tune your payment by entering your annual property tax premium, annual home insurance premium, monthly homeowner association (HOA) fee, and monthly private mortgage insurance (PMI) premium.
To enter this information, click “Show Advanced Info” underneath the main loan details. Note that you'll enter the annual cost for property taxes and home insurance and the monthly cost for HOA fees and PMI premiums. The PMI field will only display if your down payment is less than 20%.
In the “Loan Estimate” window, select "Amortization Schedule" to uncover a table that shows how much you'll pay in principal and interest each month, as well as the remaining amount you owe ("Principal balance") after making the payment.
Total monthly payment: An estimate of all your monthly housing costs, covering your loan principal, interest, taxes, insurance, and PMI.
Total principal: This is the amount you borrow. Each mortgage payment reduces the principal you owe.
Total interest payments: How much interest you would pay over the life of the loan.
Total loan payments: The entire amount of principal and interest paid, excluding taxes, insurance, and PMI.
Down payment: The portion of the home’s price you pay in cash upfront.
Interest rate: How much the lender charges you to lend you the money. Interest rates are expressed as an annual percentage. A lower interest rate gives you a smaller monthly payment.
Loan term (years): The number of years you have to repay the mortgage. A longer term gives you a lower monthly payment, but you’ll pay more interest.
Start date: The month that your first mortgage payment is due.
Payoff date: The month your home will be fully paid off based on the loan term.
Property taxes: The annual tax assessed by a government authority on your home and land. You pay about one-twelfth of your annual property tax bill with each mortgage payment, and the servicer saves them in an escrow account. When the taxes are due, the loan servicer pays them.
Homeowners insurance: Your policy covers damage and financial losses from fire, storms, theft, a tree falling on your house and other bad things. As with property taxes, you pay roughly one-twelfth of your annual homeowners insurance premium each month, and the servicer pays the bill when it's due.
Monthly HOA fees: The amount you may pay each month if you belong to a homeowners association. Typically, these dues are billed directly, not added to the monthly mortgage payment. Because HOA dues can be easy to forget when considering the cost of homeownership, NerdWallet's mortgage calculator allows you to enter them here.
Private mortgage insurance: If you get a conventional mortgage and put down less than 20%, you’ll have to pay a monthly PMI premium. It covers the lender if you default on the loan and can be canceled once you reach 20% equity. FHA loans require a similar fee called a mortgage insurance premium.
