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Wallace County FHA Loan Calculator

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

Loan Details

Wallace County, KS Benchmarks

FHA averages
Typical Property Value$70,000
Average Down Payment4.3%
Average Interest Rate6.750%
Effective Tax Rate1.38%
Median Tax Paid$1,405/yr
Tax Growth (Historical)-5.9%
Based on 2 regional loans totaling $120,000 (HMDA database).
$
%

$3,010 down · $66,990 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$80 / month

$

Annual premium

$

Per month

%

$31 / month

Estimated Monthly Payment

$704/mo

  • Principal & Interest$442
  • Property Tax$80
  • Home Insurance$150
  • FHA MIP$31
Amortization · Remaining Balance

Financed Loan Amount

$68,162

Total Interest

$90,994

Total of Payments

$159,156

*Includes financed FHA Upfront MIP of $1,172

Local Market Insights

Wallace County FHA Mortgage Overview

In Wallace County, FHA loans enable entry with a 4.25% down payment on a typical $70,000 property. However, this low equity (95.75% LTV) mandates Mortgage Insurance Premiums (MIP) for the loan’s life, ideal for buyers with sub-620 credit. The effective 1.38% property tax rate, recently adjusted down 5.9% for inflation, improves monthly affordability. For a comprehensive view of your Wallace County FHA mortgage with property taxes and MIP, consider local loan limits and tax impacts when assessing this owner-occupied market.

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.