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Story County FHA Loan Calculator

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

Loan Details

Story County, IA Benchmarks

FHA averages
Typical Property Value$251,838
Average Down Payment10.4%
Average Interest Rate6.422%
Effective Tax Rate1.36%
Median Tax Paid$3,632/yr
Tax Growth (Historical)-1.8%
Based on 117 regional loans totaling $25,685,000 (HMDA database).
$
%

$26,191 down · $225,647 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$285 / month

$

Annual premium

$

Per month

%

$96 / month

Estimated Monthly Payment

$1,970/mo

  • Principal & Interest$1,439
  • Property Tax$285
  • Home Insurance$150
  • FHA MIP$96
Amortization · Remaining Balance

Financed Loan Amount

$229,596

Total Interest

$288,496

Total of Payments

$518,091

*Includes financed FHA Upfront MIP of $3,949

Local Market Insights

Story County FHA Mortgage Overview

For Story County homebuyers leveraging an FHA loan, the 10.43% down payment—well above the 3.5% minimum—provides accessible entry, but mandatory Mortgage Insurance Premiums (MIP) apply for the loan's life, regardless of equity. With a median Loan-to-Value (LTV) of 89.57%, this is standard for owner-occupied purchases. The effective property tax rate of 1.36% coupled with a -1.8% inflation-adjusted tax change slightly eases monthly burdens. When evaluating an FHA loan with PMI and taxes in Story County, IA, this data helps frame true affordability. Understanding Story County FHA loan limits and tax implications clarifies how the 10.43% down payment and MIP structure affect your budget.

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.