Mortgage Data Labs

Programmatic SEO Local County Calculator

Home>Kentucky>Magoffin County (FHA)

Magoffin County FHA Loan Calculator

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

Loan Details

Magoffin County, KY Benchmarks

FHA averages
Typical Property Value$217,800
Average Down Payment13.9%
Average Interest Rate6.286%
Effective Tax Rate0.40%
Median Tax Paid$694/yr
Tax Growth (Historical)+4.7%
Based on 25 regional loans totaling $4,245,000 (HMDA database).
$
%

$30,274 down · $187,526 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$73 / month

$

Annual premium

$

Per month

%

$80 / month

Estimated Monthly Payment

$1,482/mo

  • Principal & Interest$1,180
  • Property Tax$73
  • Home Insurance$150
  • FHA MIP$80
Amortization · Remaining Balance

Financed Loan Amount

$190,808

Total Interest

$233,922

Total of Payments

$424,729

*Includes financed FHA Upfront MIP of $3,282

Local Market Insights

Magoffin County FHA Mortgage Overview

Magoffin County’s FHA market reveals a deliberate affordability strategy. The 13.94% down payment on a $217,800 property provides accessible entry, but triggers mandatory Mortgage Insurance Premiums (MIP) for the loan’s lifetime, regardless of equity. With an 86.06% loan-to-value ratio, this suits buyers with sub-620 credit scores seeking owner-occupied homes. The 0.40% effective property tax rate is low, but a 4.7% inflation-adjusted tax increase will modestly raise monthly costs. For precise budgeting with FHA loan limits, PMI, and taxes in Magoffin County, KY, consider these fixed MIP obligations and tax shifts.

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.