Monroe County FHA Loan Calculator

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

Loan Details

US County (Smart Autofill)

Loan Type

Monroe County, AL Benchmarks

FHA averages

Typical Property Value$210,890

Average Down Payment13.2%

Average Interest Rate6.178%

Effective Tax Rate0.21%

Median Tax Paid$381/yr

Tax Growth (Historical)+2.1%

Based on 73 regional loans totaling $12,815,000 (HMDA database).

Home Price

Down Payment

$27,837 down · $183,053 financed

Interest Rate

Loan Term

yrs

Extra Monthly Principal

Paid directly to principal

Mortgage Start Date

Payoff estimated June 2056

Local & Recurring Costs

Property Tax Rate

$37 / month

Home Insurance

Annual premium

HOA Dues

Per month

PMI Rate

$78 / month

Estimated Monthly Payment

$1,403/mo

Principal & Interest$1,138
Property Tax$37
Home Insurance$150
FHA MIP$78

Amortization · Remaining Balance

Financed Loan Amount

$186,256

Total Interest

$223,548

Total of Payments

$409,804

*Includes financed FHA Upfront MIP of $3,203

Local Market Insights

Monroe County FHA Mortgage Overview

In Monroe County, AL, the 13.15% average down payment on an FHA loan offers accessible entry, but note that the mandatory Mortgage Insurance Premium (MIP) is required for the loan’s life due to the 86.85% LTV ratio. This data, reflecting 100% owner-occupied purchases, is ideal for buyers with sub-620 credit. The effective property tax rate of 0.21% is exceptionally low, though the 2.1% inflation-adjusted increase will slightly raise monthly costs. For a complete picture of Monroe County FHA loan limits and property taxes, your total monthly outlay must include the permanent MIP alongside these modest tax shifts.

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.