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Monroe County FHA Loan Calculator

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

Loan Details

Monroe County, MI Benchmarks

FHA averages
Typical Property Value$256,744
Average Down Payment11.9%
Average Interest Rate6.414%
Effective Tax Rate1.04%
Median Tax Paid$2,648/yr
Tax Growth (Historical)+3.1%
Based on 649 regional loans totaling $143,495,000 (HMDA database).
$
%

$30,553 down · $226,191 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$223 / month

$

Annual premium

$

Per month

%

$96 / month

Estimated Monthly Payment

$1,910/mo

  • Principal & Interest$1,441
  • Property Tax$223
  • Home Insurance$150
  • FHA MIP$96
Amortization · Remaining Balance

Financed Loan Amount

$230,150

Total Interest

$288,649

Total of Payments

$518,799

*Includes financed FHA Upfront MIP of $3,958

Local Market Insights

Monroe County FHA Mortgage Overview

In Monroe County, the average FHA down payment of 11.90% provides accessible entry, but note that FHA Mortgage Insurance Premiums (MIP) are required for the life of the loan, regardless of this equity stake. With an 88.10% loan-to-value ratio and 100% primary occupancy, this market favors buyers with sub-620 credit scores. The effective property tax rate of 1.04%, adjusted upward by 3.1% for inflation, directly raises true monthly affordability. For a Monroe County FHA loan with PMI and taxes, understanding this tax shift is critical when evaluating your Monroe County FHA mortgage and property tax obligations against local loan limits.

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.