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Allegany County FHA Loan Calculator

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

Loan Details
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

Allegany County, MD Benchmarks

FHA averages
Typical Property Value$189,686
Average Down Payment10.5%
Average Interest Rate6.443%
Effective Tax Rate0.94%
$
%

$19,917 down · $169,769 financed

Estimated Monthly Payment

$1,456/mo

  • Principal & Interest$1,085
  • Property Tax$149
  • Home Insurance$150
  • FHA MIP$72
Amortization · Remaining Balance

Financed Loan Amount

$172,740

Total Interest

$217,870

Total of Payments

$390,610

*Includes financed FHA Upfront MIP of $2,971

Local Market Insights

Allegany County FHA Mortgage Overview

For Allegany County homebuyers using an FHA loan, the 10.50% average down payment provides accessible entry, but the 89.50% Loan-to-Value (LTV) ratio means mandatory Mortgage Insurance Premiums (MIP) are required for the loan's life, even with this higher down payment. This is ideal for buyers with a sub-620 credit score. The 0.94% effective property tax rate, combined with a recent -1.4% inflation-adjusted tax shift, offers slight monthly affordability relief. When evaluating an FHA loan down payment in Allegany County, Maryland, note that the average property value of $189,686.19 and 6.443% rate, alongside these taxes and MIP, define true monthly costs.

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.