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Leelanau County FHA Loan Calculator

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

Loan Details

Leelanau County, MI Benchmarks

FHA averages
Typical Property Value$482,857
Average Down Payment24.5%
Average Interest Rate6.229%
Effective Tax Rate0.66%
Median Tax Paid$3,118/yr
Tax Growth (Historical)+5.9%
Based on 28 regional loans totaling $9,700,000 (HMDA database).
$
%

$118,300 down · $364,557 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$266 / month

$

Annual premium

$

Per month

%

Not required at 20%+ down

Estimated Monthly Payment

$2,849/mo

  • Principal & Interest$2,279
  • Property Tax$266
  • Home Insurance$150
  • FHA MIP$155
Amortization · Remaining Balance

Financed Loan Amount

$370,937

Total Interest

$449,539

Total of Payments

$820,476

*Includes financed FHA Upfront MIP of $6,380

Local Market Insights

Leelanau County FHA Mortgage Overview

For Leelanau County homebuyers using an FHA loan, the 24.46% down payment on an average property value of $482,857 provides substantial equity. However, FHA guidelines mandate Mortgage Insurance Premiums (MIP) for the life of the loan, regardless of this down payment. This makes it ideal for buyers with sub-620 credit scores. The 75.54% Loan-to-Value (LTV) ratio confirms strong initial equity. The effective property tax rate of 0.66% is low, but the recent inflation-adjusted tax shift of 5.9% will increase monthly affordability. For accurate budgeting, consider an FHA loan with PMI and taxes in Leelanau County, MI, or use an FHA mortgage breakdown with property taxes to assess true costs. This data reflects all primary residence purchases.

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.