Wyoming Mortgage Calculator

Best mortgage lenders in Wyoming

The most popular mortgage lenders in Wyoming operate nationwide. These include such recognizable names as Rocket Mortgage, First Citizens Bank, AmeriSave. Several lesser known but trustworthy options include Wyoming-based Country Home Mortgage, The Mortgage Source Inc.

How to calculate mortgage payment in Wyoming

Use our fast and simple mortgage calculator WY to estimate your future expenses. A detailed step-by-step instruction follows below.

Why and How to Use Our Mortgage Calculator

Use our house payment calculator Wyoming for thorough planning of your future expenses. Let’s take a closer look at each aspect in order to gain a better understanding of the mortgage in Wyoming parameters.

The first piece of the puzzle is the home price – that is, the amount you intend to spend on your future property. A down payment is a portion of this price paid upfront. To avoid costly insurance, it's necessary to come up with at least a 20% down payment for a conventional loan. The remaining amount constitutes the principal (e.g., 80% of the home price with a 20% down payment).

A loan term refers to the period for complete repayment of your mortgage through scheduled payments. Fixed-rate conforming loans typically last up to 30 years, while adjustable-rate options usually have shorter terms.

An interest rate is a fixed or floating percentage of the principal amount that you must pay throughout the loan duration. It's important to note that you are actually charged an annual percentage rate (APR), which includes not only the interest rate but also various fees such as origination fees, closing costs, and insurance payments.

For more precise assessment, the interest rate used in these calculations is based on current mortgage rates in Wyoming, given a $400,000 home price and a 10% down payment.

Median property taxes in Wyoming counties

Considering property tax is another crucial aspect when choosing your future home. Numerous lenders require the establishment of a mortgage escrow account to ensure borrowers remain current with tax and insurance expenses.

Source: American Communities Survey 2016, U.S. Census

Wyoming Housing Market 2024

Over the past year, the housing market in Wyoming has experienced a notable surge in property values, a trend that has been accentuated by the ongoing COVID-19 pandemic. However, this growth has moderated compared to previous years. Despite this, both purchase and refinance rates have been steadily increasing for some time now. It's worth noting that factors such as low inventory levels, high demand, and changing economic conditions are contributing to these market dynamics. As a result, experts predict that these rates will continue to rise in the future.

How do I calculate my mortgage payment?

The most convenient way to do this is to make use of our calculator. It's powered by a simple formula, which you can also use to calculate the amount to be paid by hand:

M = P*i(1 + i)^n / (1 + i)^n – 1

M – estimated monthly mortgage payment;

P – principal;

I – monthly interest rate (to determine it, divide your annual mortgage rate by 12);

N – the loan term expressed in months (in other words, the overall number of monthly payments)

Imagine you are applying for a 15-year mortgage loan with a fixed 6.99% APR (which is .0699 as a unit fraction). The house costs $500k, with 10% ($50,000) to be paid down. The principal amount (P) will be equal to 90% of the initial home cost ($500,000 – $50,000 = $450,000).

I = .0699 % / 12 = .005825%.

Finally, let’s convert the loan length from years to months: N = 15 * 12 = 180.

M ($) = 450,000*.005825(1 + .005825)^180 / (1 + .005825)^180 – 1 ≈ 4042.

So, you are going to pay about $4042 a month.

It is important to note that the calculated M value is approximate, as no extra fees are taken into account.

Tips for first-time home buyers in Wyoming

First, there are several federal agencies (USDA, FHA, and VA) that guarantee loans for selected borrowers. Many first-time homebuyers can find options that most fit their budget.

Besides these government-guaranteed programs, it is worth considering some offers from the UHC (Wyoming Housing Corporation) available in Wyoming. In particular, first-time homebuyers can apply for the FirstHome program – a down payment and closing costs assistance program, if they qualify for an FHA loan and their FICO score is at least 660. This option covers up to 6% of the loan amount toward the down payment and/or the closing costs. It is important to note that this option comes in the form of a 30-year fixed-rate second loan only. If you do not qualify for the FirstHome program, do not despair. The Wyoming Housing Score Loan is an alternative program that covers up to 4%. The minimum satisfactory credit score is 620.

Some useful tips for first-timers:

• Get pre-approved beforehand. This will increase your creditworthiness in the eyes of home sellers. It is highly recommended to get pre-approval letters from not only one, but at least two or three different lenders.
• Compare different mortgage rates. Choose at least three lenders. The more, the better.
• Do preliminary calculations based on the amount you have been pre-approved for. Plan your future expenses.
• Set aside for a down payment as much as possible – and as early as possible. The down payment will decrease the principal amount, which, in turn, can reduce your potential expenses. So it is important to start saving in advance.
• If you are eligible for a VA loan, consider this option first of all.
• Consider government-backed plans, as well as local assistance programs. There can be tempting offers – don't miss the boat.
• Pay off previous debts, if possible.