Mercer County FHA Loan Calculator

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

Loan Details

Baseline

Rates

Taxes & Ins.

DTI

US County (Smart Autofill)

Loan Type

Credit Score (FICO)

Your credit score determines your risk profile. A higher score lowers your interest rate and conventional PMI costs.

Representative Score: 780 (Excellent (Prime)) · FHA uses credit-agnostic pricing

Mercer County, KY Benchmarks

FHA averages

Typical Property Value$264,784

Average Down Payment11.9%

Average Interest Rate6.324%

Effective Tax Rate0.72%

Home Price

Down Payment

$31,509 down · $233,275 financed

Estimated Monthly Payment

$1,880/mo

Principal & Interest$1,472
Property Tax$159
Home Insurance$150
FHA MIP$99

Amortization · Remaining Balance

Financed Loan Amount

$237,357

Total Interest

$292,661

Total of Payments

$530,018

*Includes financed FHA Upfront MIP of $4,082

Local Market Insights

Mercer County FHA Mortgage Overview

For Mercer County homebuyers using an FHA loan, the 11.87% average down payment provides accessible entry, but mandatory Mortgage Insurance Premiums (MIP) apply for the loan's life regardless of this equity level. With an 88.13% loan-to-value ratio and 100% owner-occupied properties, this data reflects standard homebuyers, not investors. The 0.72% effective property tax rate, adjusted upward by 4.4% for inflation, adds approximately $159 monthly to true affordability. When evaluating an FHA loan with PMI and taxes in Mercer County, KY, these figures help you understand the total monthly obligation beyond principal and interest.

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.