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Spencer County FHA Loan Calculator

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

Loan Details

Spencer County, IN Benchmarks

FHA averages
Typical Property Value$216,548
Average Down Payment11.5%
Average Interest Rate6.591%
Effective Tax Rate0.60%
Median Tax Paid$1,147/yr
Tax Growth (Historical)-2.2%
Based on 84 regional loans totaling $15,930,000 (HMDA database).
$
%

$24,903 down · $191,645 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$108 / month

$

Annual premium

$

Per month

%

$81 / month

Estimated Monthly Payment

$1,584/mo

  • Principal & Interest$1,244
  • Property Tax$108
  • Home Insurance$150
  • FHA MIP$81
Amortization · Remaining Balance

Financed Loan Amount

$194,999

Total Interest

$252,873

Total of Payments

$447,872

*Includes financed FHA Upfront MIP of $3,354

Local Market Insights

Spencer County FHA Mortgage Overview

Spencer County homebuyers utilizing an FHA loan with an 11.49% down payment on a $216,548 property benefit from accessible entry, but must account for mandatory Mortgage Insurance Premiums (MIP) for the life of the loan. This is ideal for those with sub-620 credit, as the 88.51% LTV ratio confirms low equity. The 0.60% effective property tax rate, coupled with a -2.2% inflation-adjusted decrease, slightly reduces monthly costs. When evaluating an FHA loan with PMI and taxes in Spencer County, IN, or using an FHA down payment approach, note the average 6.591% rate. 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.