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Gogebic County FHA Loan Calculator

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

Loan Details

Gogebic County, MI Benchmarks

FHA averages
Typical Property Value$173,485
Average Down Payment18.0%
Average Interest Rate6.546%
Effective Tax Rate1.22%
Median Tax Paid$1,535/yr
Tax Growth (Historical)+0.1%
Based on 33 regional loans totaling $4,535,000 (HMDA database).
$
%

$31,227 down · $142,258 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$176 / month

$

Annual premium

$

Per month

%

$60 / month

Estimated Monthly Payment

$1,306/mo

  • Principal & Interest$920
  • Property Tax$176
  • Home Insurance$150
  • FHA MIP$60
Amortization · Remaining Balance

Financed Loan Amount

$144,747

Total Interest

$186,332

Total of Payments

$331,080

*Includes financed FHA Upfront MIP of $2,490

Local Market Insights

Gogebic County FHA Mortgage Overview

For Gogebic County homebuyers using an FHA loan, the 18.00% down payment on an average $173,484 property provides accessible entry, but note that Mortgage Insurance Premiums (MIP) are required for the loan's life regardless of equity. The 82.00% loan-to-value ratio confirms this is a standard owner-occupied purchase, ideal for those with sub-620 credit scores. The 1.22% effective property tax rate, with a 0.1% inflation-adjusted increase, adds minimal monthly cost. When evaluating an FHA loan with PMI and taxes in Gogebic County, MI, or using an FHA down payment analysis in Gogebic County, Michigan, the 6.546% interest rate and these tax impacts define true affordability.

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.