Mortgage Data Labs

Programmatic SEO Local County Calculator

Home>Michigan>Grand Traverse County (FHA)

Grand Traverse County FHA Loan Calculator

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

Loan Details

Grand Traverse County, MI Benchmarks

FHA averages
Typical Property Value$360,739
Average Down Payment16.0%
Average Interest Rate6.223%
Effective Tax Rate0.84%
Median Tax Paid$3,010/yr
Tax Growth (Historical)+0.7%
Based on 176 regional loans totaling $50,650,000 (HMDA database).
$
%

$57,718 down · $303,021 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$253 / month

$

Annual premium

$

Per month

%

$128 / month

Estimated Monthly Payment

$2,423/mo

  • Principal & Interest$1,892
  • Property Tax$253
  • Home Insurance$150
  • FHA MIP$128
Amortization · Remaining Balance

Financed Loan Amount

$308,324

Total Interest

$372,937

Total of Payments

$681,260

*Includes financed FHA Upfront MIP of $5,303

Local Market Insights

Grand Traverse County FHA Mortgage Overview

For Grand Traverse County homebuyers using an FHA loan, the 16.04% down payment on a $360,739 property provides accessible entry. However, this loan type requires mandatory Mortgage Insurance Premiums (MIP) for the loan's life, even with this equity level, making it ideal for those with sub-620 credit scores. The 83.96% loan-to-value ratio confirms this risk profile. The 0.84% effective property tax rate, with a recent 0.7% inflation-adjusted increase, adds roughly $210 annually, slightly impacting monthly affordability for primary residents.

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.