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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, Maine 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

Somerset County, ME Benchmarks

FHA averages
Typical Property Value$238,814
Average Down Payment12.1%
Average Interest Rate6.320%
Effective Tax Rate0.99%
$
%

$28,896 down · $209,918 financed

Estimated Monthly Payment

$1,761/mo

  • Principal & Interest$1,325
  • Property Tax$197
  • Home Insurance$150
  • FHA MIP$89
Amortization · Remaining Balance

Financed Loan Amount

$213,591

Total Interest

$263,357

Total of Payments

$476,948

*Includes financed FHA Upfront MIP of $3,674

Local Market Insights

Somerset County FHA Mortgage Overview

For Somerset County homebuyers, the 12.06% average down payment on an FHA loan provides accessible entry, but mandatory Mortgage Insurance Premiums (MIP) last for the loan's life regardless of equity. With a high 87.94% loan-to-value ratio and 100% primary occupancy, this market favors buyers with sub-620 credit scores. The 0.99% property tax rate is moderate, and the recent -3.0% inflation-adjusted tax change slightly reduces monthly costs. When evaluating an FHA mortgage with property taxes in Somerset County, ME, remember that MIP and taxes are permanent fixtures in your payment structure, making accurate budgeting essential.

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.