Clare County FHA Loan Calculator

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

Loan Details

US County (Smart Autofill)

Loan Type

Clare County, MI Benchmarks

FHA averages

Typical Property Value$161,214

Average Down Payment11.6%

Average Interest Rate6.559%

Effective Tax Rate0.99%

Median Tax Paid$1,489/yr

Tax Growth (Historical)+4.1%

Based on 140 regional loans totaling $18,830,000 (HMDA database).

Home Price

Down Payment

$18,701 down · $142,513 financed

Interest Rate

Loan Term

yrs

Extra Monthly Principal

Paid directly to principal

Mortgage Start Date

Payoff estimated June 2056

Local & Recurring Costs

Property Tax Rate

$133 / month

Home Insurance

Annual premium

HOA Dues

Per month

PMI Rate

$60 / month

Estimated Monthly Payment

$1,266/mo

Principal & Interest$922
Property Tax$133
Home Insurance$150
FHA MIP$60

Amortization · Remaining Balance

Financed Loan Amount

$145,007

Total Interest

$187,011

Total of Payments

$332,018

*Includes financed FHA Upfront MIP of $2,494

Local Market Insights

Clare County FHA Mortgage Overview

For Clare County homebuyers utilizing an FHA loan, the 11.56% down payment on an average $161,214 property provides accessible entry, but note that mandatory Mortgage Insurance Premiums (MIP) are required for the loan’s life, regardless of this equity stake. The 88.44% loan-to-value ratio confirms this, making FHA ideal for buyers with sub-620 credit scores. The effective property tax rate of 0.99% is moderate, but a 4.1% inflation-adjusted tax increase will elevate true monthly affordability. This data reflects 100% primary residence purchases, not investments. When evaluating an FHA loan with PMI and taxes in Clare County, MI, consider these fixed MIP costs alongside the county’s specific loan limits and tax trajectory.

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.