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Essex County FHA Loan Calculator

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

Loan Details

Essex County, MA Benchmarks

FHA averages
Typical Property Value$664,031
Average Down Payment12.5%
Average Interest Rate6.228%
Effective Tax Rate1.02%
Median Tax Paid$6,430/yr
Tax Growth (Historical)-0.5%
Based on 1,384 regional loans totaling $772,050,000 (HMDA database).
$
%

$83,004 down · $581,027 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$564 / month

$

Annual premium

$

Per month

%

$246 / month

Estimated Monthly Payment

$4,593/mo

  • Principal & Interest$3,632
  • Property Tax$564
  • Home Insurance$150
  • FHA MIP$246
Amortization · Remaining Balance

Financed Loan Amount

$591,195

Total Interest

$716,470

Total of Payments

$1,307,665

*Includes financed FHA Upfront MIP of $10,168

Local Market Insights

Essex County FHA Mortgage Overview

For Essex County homebuyers, the 12.52% average FHA down payment on a $664,031 property provides accessible entry, but mandates Mortgage Insurance Premiums (MIP) for the loan’s life due to the 87.48% LTV ratio. This is ideal for those with sub-620 credit scores. The 1.02% effective tax rate adds roughly $565 monthly, though the -0.5% inflation-adjusted tax change offers slight relief. When using an FHA loan calculator with PMI and taxes in Essex County, MA, this data clarifies true monthly affordability for owner-occupied purchases.

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.