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Cerro Gordo County FHA Loan Calculator

Adjust the sliders to model your loan in real time. We have prefilled this page with local benchmark averages for Cerro Gordo County, Iowa 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

Cerro Gordo County, IA Benchmarks

FHA averages
Typical Property Value$163,352
Average Down Payment10.2%
Average Interest Rate6.590%
Effective Tax Rate1.27%
$
%

$16,662 down · $146,690 financed

Estimated Monthly Payment

$1,337/mo

  • Principal & Interest$952
  • Property Tax$173
  • Home Insurance$150
  • FHA MIP$62
Amortization · Remaining Balance

Financed Loan Amount

$149,257

Total Interest

$193,556

Total of Payments

$342,813

*Includes financed FHA Upfront MIP of $2,567

Local Market Insights

Cerro Gordo County FHA Mortgage Overview

Cerro Gordo County homebuyers using FHA financing are putting down 10.21%, a rate that provides accessible entry but carries mandatory Mortgage Insurance Premiums (MIP) for the loan’s lifetime, ideal for those with sub-620 credit scores. With an 89.79% Loan-to-Value ratio and 100% primary occupancy, this market favors owner-occupants seeking lower barriers to entry. The effective property tax rate of 1.27%, adjusted upward by 1.4% for inflation, adds roughly $173 monthly on the average $163,352 property, directly impacting true affordability alongside the 6.59% interest rate.

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.