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Baraga County FHA Loan Calculator

Adjust the sliders to model your loan in real time. We have prefilled this page with local benchmark averages for Baraga County, Michigan 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

Baraga County, MI Benchmarks

FHA averages
Typical Property Value$175,833
Average Down Payment13.5%
Average Interest Rate6.296%
Effective Tax Rate0.86%
$
%

$23,737 down · $152,096 financed

Estimated Monthly Payment

$1,298/mo

  • Principal & Interest$958
  • Property Tax$126
  • Home Insurance$150
  • FHA MIP$64
Amortization · Remaining Balance

Financed Loan Amount

$154,757

Total Interest

$190,089

Total of Payments

$344,846

*Includes financed FHA Upfront MIP of $2,662

Local Market Insights

Baraga County FHA Mortgage Overview

For Baraga County homebuyers, an FHA loan with a 13.48% down payment offers accessible entry, but requires mandatory Mortgage Insurance Premiums (MIP) for the life of the loan—ideal for those with sub-620 credit. The 86.52% Loan-to-Value ratio confirms this is a primary residence market. The effective 0.86% property tax rate, with a recent -2.2% inflation-adjusted decrease, slightly improves monthly affordability. When evaluating a Baraga County FHA mortgage with property taxes, the lower tax burden helps offset the permanent MIP cost, making this a stable, owner-occupied market.

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.