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South Central Connecticut Planning Region FHA Loan Calculator

Adjust the sliders to model your loan in real time. We have prefilled this page with local benchmark averages for South Central Connecticut Planning Region, Connecticut based on real HMDA transaction records.

Loan Details

South Central Connecticut Planning Region, CT Benchmarks

FHA averages
Typical Property Value$396,119
Average Down Payment13.5%
Average Interest Rate6.330%
Effective Tax Rate1.82%
Median Tax Paid$6,759/yr
Tax Growth (Historical)-1.8%
Based on 1,555 regional loans totaling $513,415,000 (HMDA database).
$
%

$53,476 down · $342,643 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$601 / month

$

Annual premium

$

Per month

%

$145 / month

Estimated Monthly Payment

$3,061/mo

  • Principal & Interest$2,165
  • Property Tax$601
  • Home Insurance$150
  • FHA MIP$145
Amortization · Remaining Balance

Financed Loan Amount

$348,639

Total Interest

$430,690

Total of Payments

$779,329

*Includes financed FHA Upfront MIP of $5,996

Local Market Insights

South Central Connecticut Planning Region FHA Mortgage Overview

For homebuyers in the South Central Connecticut Planning Region, the 13.50% weighted average down payment on an FHA loan offers accessible entry, but comes with mandatory Mortgage Insurance Premiums (MIP) for the loan’s life, regardless of equity. With an average property value of $396,118.97 and an 86.50% median loan-to-value ratio, this market favors those with sub-620 credit scores. The 1.82% effective property tax rate, combined with a -1.8% inflation-adjusted tax decrease, slightly improves monthly affordability. When evaluating an FHA loan with PMI and taxes in this region, the 6.330% interest rate and property tax burden are key to true cost.

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.