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Somerset County FHA Loan Calculator

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

Loan Details

Somerset County, MD Benchmarks

FHA averages
Typical Property Value$237,261
Average Down Payment9.1%
Average Interest Rate6.404%
Effective Tax Rate0.70%
Median Tax Paid$1,591/yr
Tax Growth (Historical)-3.7%
Based on 115 regional loans totaling $24,135,000 (HMDA database).
$
%

$21,591 down · $215,670 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$138 / month

$

Annual premium

$

Per month

%

$91 / month

Estimated Monthly Payment

$1,752/mo

  • Principal & Interest$1,373
  • Property Tax$138
  • Home Insurance$150
  • FHA MIP$91
Amortization · Remaining Balance

Financed Loan Amount

$219,444

Total Interest

$274,705

Total of Payments

$494,150

*Includes financed FHA Upfront MIP of $3,774

Local Market Insights

Somerset County FHA Mortgage Overview

For Somerset County homebuyers, the 9.14% average down payment on an FHA loan creates accessible entry, but requires mandatory Mortgage Insurance Premiums (MIP) for the loan’s life, regardless of equity. The 90.86% Loan-to-Value (LTV) ratio confirms this is a low-down-payment market for owner-occupied homes, not investors. The 0.70% property tax rate is modest, and the recent -3.7% inflation-adjusted tax change slightly reduces monthly burden. When evaluating an FHA mortgage with property taxes, this tax relief helps offset the 6.404% interest rate, making true monthly affordability more manageable for primary residences.

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.