Down Payment Calculator for Connecticut

Down Payment Planning in Connecticut

With a median home value of $370,000 in Connecticut, here's what different down payment tiers look like:

• 3% (First-time buyer programs): $11,100
• 3.5% (FHA minimum): $13,000
• 10% (Avoid PMI with some lenders): $37,000
• 20% (Eliminate PMI entirely): $74,000

Conforming Loan Limits in Connecticut

The conforming loan limit in Connecticut is $726,200. Fairfield County qualifies for high-cost limits; most other Connecticut counties are at the standard conforming limit. If your loan exceeds this, you'll need jumbo financing, which typically requires a 20%+ down payment.

Closing Costs to Plan For

Beyond your down payment, budget for closing costs of around $4,200 in Connecticut. Connecticut charges a Conveyance Tax of 0.75% on the first $800,000 of sale price and 1.25% above that, making it one of the higher transfer tax states.

Property Tax Impact

Connecticut's effective property tax rate is 1.79% (average annual bill: $6,153). A larger down payment reduces your monthly mortgage but property taxes remain constant regardless of how much you put down.

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