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

US County (Smart Autofill)

Loan Type

Wayne County, MI Benchmarks

FHA averages

Typical Property Value$213,464

Average Down Payment11.1%

Average Interest Rate6.492%

Effective Tax Rate1.47%

Median Tax Paid$2,904/yr

Tax Growth (Historical)+0.8%

Based on 6,698 regional loans totaling $1,228,760,000 (HMDA database).

Home Price

Down Payment

$23,695 down · $189,769 financed

Interest Rate

Loan Term

yrs

Extra Monthly Principal

Paid directly to principal

Mortgage Start Date

Payoff estimated June 2056

Local & Recurring Costs

Property Tax Rate

$261 / month

Home Insurance

Annual premium

HOA Dues

Per month

PMI Rate

$80 / month

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.