Clay County FHA Loan Calculator

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

Loan Details

US County (Smart Autofill)

Loan Type

Clay County, IN Benchmarks

FHA averages

Typical Property Value$187,393

Average Down Payment11.9%

Average Interest Rate6.656%

Effective Tax Rate0.48%

Median Tax Paid$627/yr

Tax Growth (Historical)+3.3%

Based on 117 regional loans totaling $18,675,000 (HMDA database).

Home Price

Down Payment

$22,300 down · $165,093 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

$75 / month

Home Insurance

Annual premium

HOA Dues

Per month

PMI Rate

$70 / month

Estimated Monthly Payment

$1,374/mo

Principal & Interest$1,079
Property Tax$75
Home Insurance$150
FHA MIP$70

Amortization · Remaining Balance

Financed Loan Amount

$167,982

Total Interest

$220,638

Total of Payments

$388,620

*Includes financed FHA Upfront MIP of $2,889

Local Market Insights

Clay County FHA Mortgage Overview

Clay County’s FHA market shows strong accessibility, with an average down payment of 11.89% and a high 88.11% loan-to-value ratio. This low entry point is ideal for buyers with sub-620 credit, though mandatory Mortgage Insurance Premiums (MIP) remain for the loan’s life. The effective property tax rate of 0.48% is modest, but the recent 3.3% inflation-adjusted tax increase will slightly lift monthly costs. For those using a Clay County FHA mortgage with property taxes, the $187,393 average value and 6.656% rate mean MIP and tax shifts must be factored into true affordability. This data reflects 100% owner-occupied purchases, not investments.

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.