Wyoming Mortgage Calculator (with Wyoming Property Taxes & Insurance)

Wyoming combines no state individual income tax with one of the lowest average effective property tax rates in the country, which together make it one of the more tax-friendly states to carry a mortgage in. This calculator estimates a full monthly PITI payment, principal, interest, taxes, and insurance, using a 0.61% effective property tax rate applied to the home's purchase price, plus a flat $125 monthly insurance placeholder. The amortization itself runs through the same 30-year fixed-rate engine used by every mortgage calculator on this platform; the property tax assumption is the only state-specific input.

Wyoming's low property tax burden is funded in large part by severance taxes on the state's mineral and energy production, which reduces the need for high property tax rates to fund local government and schools compared with many other states. The 0.61% figure here is a statewide average; specific counties can vary somewhat depending on local levy rates and assessed valuation practices.

1. Determine the loan principal. Down payment cash = home price × down payment percentage. Loan principal = home price − down payment cash, floored at zero.
2. Amortize over 30 years (360 months). The engine solves the standard fixed-rate mortgage payment formula:

$$M = P \times \frac{r(1+r)^n}{(1+r)^n - 1}$$

where $P$ is the loan principal, $r$ is the monthly interest rate (APR ÷ 12), and $n = 360$.

1. Estimate monthly property tax. Monthly tax = home price × 0.61% ÷ 12, applied to the purchase price for a consistent, easily reproduced estimate.
2. Add a flat insurance placeholder. $125 per month is added as a general homeowner's insurance estimate.
3. Sum to PITI. Total monthly payment = principal & interest + property tax + insurance. PMI is not automatically layered in, since the 20%-down baseline scenario conventionally avoids it.

Using the calculator's default inputs:

• Home price: $380,000
• Down payment: 20% ($76,000)
• Interest rate: 6.5% APR

Loan principal = $380,000 − $76,000 = $304,000. Amortized over 360 months at 6.5% APR (monthly rate 0.5417%), principal and interest comes to $1,921.49 per month. Monthly property tax = $380,000 × 0.61% ÷ 12 = $193.17. Adding the $125 insurance placeholder gives total PITI of $1,921.49 + $193.17 + $125.00 = $2,239.65 or, more precisely, $2,239.66 per month, essentially the same principal and interest cost as any other state at this price and rate, but with a property tax line roughly one-third the size of a high-tax state like Wisconsin at the identical $380,000 purchase price.

Over the full 30-year term, cumulative interest on the $304,000 loan is approximately $387,735, unaffected by the property tax rate since interest accrues purely on the loan balance. The scenario toggles let you compare a 5%-down purchase, which raises the loan principal to $361,000, or a 25% higher purchase price, which raises both the loan amount and the estimated property tax proportionally.

• County-level assessment variation. Wyoming's 0.61% figure is a statewide average; individual counties set their own mill levies within state-imposed caps, so actual bills can differ from this estimate.
• Private mortgage insurance (PMI). A real-world 5%-down purchase would typically carry a PMI charge that this calculator does not automatically add to the low-down-payment scenario.
• Mineral rights and severance tax interactions. Property with associated mineral rights or split estate considerations can carry additional valuation complexity not modeled here.
• Homeowners association dues. Any applicable HOA fees are excluded from the PITI estimate.
• Closing costs and prepaid escrow. Origination fees, title insurance, appraisal costs, and the initial escrow cushion required at closing are not part of this ongoing monthly estimate.

• Assuming Wyoming's low tax rate applies uniformly statewide. Actual county mill levies vary; always confirm the specific county's effective rate before finalizing a home budget.
• Overlooking PMI when modeling a low down payment. Switching to the 5%-down scenario shows a larger loan principal, but a real lender would likely also add PMI, an ongoing cost not reflected here.
• Treating the low property tax as the whole affordability picture. Insurance costs, especially in areas with wildfire or severe weather exposure, can offset some of the property tax savings.
• Comparing total monthly payment across states without separating the P&I and tax components. Two states can have nearly identical principal and interest costs at the same price and rate while differing substantially only in the tax line.
• Ignoring how reassessment could change the tax estimate over time. Property values and local levy rates can shift over a 30-year hold, so the $193 monthly tax figure is a snapshot at the purchase price, not a guaranteed constant.

• Wyoming Department of Revenue, Ad Valorem Tax Division, property tax statistics and mill levy data.
• Wyoming Legislative Service Office, property tax and severance tax funding overviews.
• Consumer Financial Protection Bureau, mortgage disclosure and PITI guidance.
• Tax Foundation, State and Local Property Tax Rankings.