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Wayne County FHA Loan Calculator

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

Loan Details
Your credit score determines your risk profile. A higher score lowers your interest rate and conventional PMI costs.

Representative Score: 780 (Excellent (Prime)) · FHA uses credit-agnostic pricing

Wayne County, MI Benchmarks

FHA averages
Typical Property Value$213,464
Average Down Payment11.1%
Average Interest Rate6.492%
Effective Tax Rate1.47%
$
%

$23,695 down · $189,769 financed

Estimated Monthly Payment

$1,711/mo

  • Principal & Interest$1,219
  • Property Tax$261
  • Home Insurance$150
  • FHA MIP$80
Amortization · Remaining Balance

Financed Loan Amount

$193,090

Total Interest

$245,819

Total of Payments

$438,910

*Includes financed FHA Upfront MIP of $3,321

Local Market Insights

Wayne County FHA Mortgage Overview

In Wayne County, the typical FHA buyer puts down 11.05%, providing accessible entry despite mandatory Mortgage Insurance Premiums (MIP) for the loan's life—a key consideration for those using an FHA loan calculator with PMI and taxes in Wayne County, MI. With an 88.95% loan-to-value ratio, this data reflects 100% primary residences, not investments. The effective property tax rate of 1.47%, plus a 0.8% inflation-adjusted increase, directly impacts monthly affordability. For Wayne County FHA loan limits and tax planning, this lower down payment is ideal for buyers with sub-620 credit, though MIP remains permanent regardless of equity.

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.