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Macon County FHA Loan Calculator

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

Loan Details

Macon County, AL Benchmarks

FHA averages
Typical Property Value$190,897
Average Down Payment18.1%
Average Interest Rate6.406%
Effective Tax Rate0.41%
Median Tax Paid$509/yr
Tax Growth (Historical)+5.5%
Based on 39 regional loans totaling $5,935,000 (HMDA database).
$
%

$34,552 down · $156,345 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$65 / month

$

Annual premium

$

Per month

%

$66 / month

Estimated Monthly Payment

$1,278/mo

  • Principal & Interest$996
  • Property Tax$65
  • Home Insurance$150
  • FHA MIP$66
Amortization · Remaining Balance

Financed Loan Amount

$159,081

Total Interest

$199,516

Total of Payments

$358,596

*Includes financed FHA Upfront MIP of $2,736

Local Market Insights

Macon County FHA Mortgage Overview

For Macon County homebuyers utilizing an FHA loan, the 18.12% weighted average down payment provides accessible entry despite the 6.406% rate. However, mandatory Mortgage Insurance Premiums (MIP) last for the loan's life, regardless of equity, making this ideal for those with sub-620 credit scores. The median 81.88% loan-to-value (LTV) ratio confirms this, as 100% of buyers are owner-occupants. The effective 0.41% property tax rate is low, but a 5.5% inflation-adjusted tax change will slightly increase monthly costs. When evaluating an FHA loan down payment in Macon County, AL, factor in these MIP costs alongside property taxes for true affordability.

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.