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Wayne County FHA Loan Calculator

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

Loan Details

Wayne County, IA Benchmarks

FHA averages
Typical Property Value$190,000
Average Down Payment14.5%
Average Interest Rate6.873%
Effective Tax Rate1.14%
Median Tax Paid$1,509/yr
Tax Growth (Historical)+6.3%
Based on 8 regional loans totaling $1,220,000 (HMDA database).
$
%

$27,550 down · $162,450 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$180 / month

$

Annual premium

$

Per month

%

$69 / month

Estimated Monthly Payment

$1,485/mo

  • Principal & Interest$1,085
  • Property Tax$180
  • Home Insurance$150
  • FHA MIP$69
Amortization · Remaining Balance

Financed Loan Amount

$165,293

Total Interest

$225,417

Total of Payments

$390,710

*Includes financed FHA Upfront MIP of $2,843

Local Market Insights

Wayne County FHA Mortgage Overview

For Wayne County homebuyers, the 14.49% average down payment on an FHA loan provides accessible entry, though mandatory Mortgage Insurance Premiums (MIP) are required for the life of the loan regardless of equity. This is ideal for those with sub-620 credit scores. The 85.51% loan-to-value ratio confirms minimal equity, while the 1.14% property tax rate and 6.3% inflation-adjusted increase will meaningfully raise monthly costs. When evaluating an FHA loan with PMI and taxes in Wayne County, IA, the effective tax shift directly impacts affordability. The 100% primary occupancy rate confirms this data reflects standard homebuyers, not investors.

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.