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Bay County FHA Loan Calculator

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

Loan Details

Bay County, MI Benchmarks

FHA averages
Typical Property Value$172,390
Average Down Payment11.8%
Average Interest Rate6.524%
Effective Tax Rate1.31%
Median Tax Paid$2,271/yr
Tax Growth (Historical)-0.1%
Based on 387 regional loans totaling $56,555,000 (HMDA database).
$
%

$20,342 down · $152,048 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$188 / month

$

Annual premium

$

Per month

%

$64 / month

Estimated Monthly Payment

$1,383/mo

  • Principal & Interest$980
  • Property Tax$188
  • Home Insurance$150
  • FHA MIP$64
Amortization · Remaining Balance

Financed Loan Amount

$154,709

Total Interest

$198,055

Total of Payments

$352,764

*Includes financed FHA Upfront MIP of $2,661

Local Market Insights

Bay County FHA Mortgage Overview

In Bay County, Michigan, the 11.82% average down payment for FHA loans provides accessible entry, but note that mandatory Mortgage Insurance Premiums (MIP) are required for the life of the loan, regardless of this equity level. With an 88.18% median loan-to-value (LTV) ratio and 100% owner-occupied purchases, this data reflects standard homebuyers, not investors. The effective property tax rate of 1.31% adds roughly $188 monthly to a $172,390 property, though the recent -0.1% inflation-adjusted tax change offers slight relief. When using an FHA loan calculator with PMI and taxes in Bay County, MI, remember that MIP never drops, making this ideal for buyers with sub-620 credit scores.

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.