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Covington County FHA Loan Calculator

Adjust the sliders to model your loan in real time. We have prefilled this page with local benchmark averages for Covington County, Alabama based on real HMDA transaction records.

Loan Details
Your credit score determines your risk profile. A higher score lowers your interest rate and conventional PMI costs.

Representative Score: 780 (Excellent (Prime)) · FHA uses credit-agnostic pricing

Covington County, AL Benchmarks

FHA averages
Typical Property Value$201,835
Average Down Payment13.5%
Average Interest Rate6.307%
Effective Tax Rate0.20%
$
%

$27,248 down · $174,587 financed

Estimated Monthly Payment

$1,358/mo

  • Principal & Interest$1,101
  • Property Tax$34
  • Home Insurance$150
  • FHA MIP$74
Amortization · Remaining Balance

Financed Loan Amount

$177,643

Total Interest

$218,616

Total of Payments

$396,258

*Includes financed FHA Upfront MIP of $3,055

Local Market Insights

Covington County FHA Mortgage Overview

In Covington County, the typical FHA buyer puts down 13.49%, which is well above the 3.5% minimum. This indicates a deliberate effort to reduce the loan-to-value ratio to 86.51%, yet it does not eliminate the mandatory Mortgage Insurance Premium (MIP). Unlike conventional loans, FHA MIP remains for the loan’s life, a key factor when evaluating monthly costs. With a low effective tax rate of 0.20%, affordability is strong, but the 7.6% inflation-adjusted tax increase will slightly raise future payments. This market is dominated by owner-occupants, making the FHA structure ideal for buyers with sub-620 credit scores seeking access to Covington County’s average $201,834 property value.

Disclaimer: This calculator provides estimates for educational purposes only and does not constitute a loan offer or financial advice. Actual rates, taxes, insurance, and fees will vary.