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Cottonwood County FHA Loan Calculator

Adjust the sliders to model your loan in real time. We have prefilled this page with local benchmark averages for Cottonwood County, Minnesota 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

Cottonwood County, MN Benchmarks

FHA averages
Typical Property Value$177,667
Average Down Payment14.4%
Average Interest Rate6.503%
Effective Tax Rate1.05%
$
%

$25,584 down · $152,083 financed

Estimated Monthly Payment

$1,348/mo

  • Principal & Interest$978
  • Property Tax$155
  • Home Insurance$150
  • FHA MIP$64
Amortization · Remaining Balance

Financed Loan Amount

$154,744

Total Interest

$197,368

Total of Payments

$352,112

*Includes financed FHA Upfront MIP of $2,661

Local Market Insights

Cottonwood County FHA Mortgage Overview

Cottonwood County's FHA market reveals a strategic entry point for owner-occupants. The 14.39% down payment and 85.61% LTV ratio indicate accessible financing, yet FHA loans require mandatory Mortgage Insurance Premiums (MIP) for the loan's life, ideal for buyers with sub-620 credit. The 1.05% effective property tax rate, coupled with a -0.5% inflation-adjusted tax decrease, slightly improves monthly affordability. For those exploring FHA loan options with PMI and taxes in Cottonwood County, MN, this data suggests stable, long-term cost management despite the permanent MIP, as the lower tax burden offsets some monthly expenses.

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.