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Faribault County FHA Loan Calculator

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

Loan Details

Faribault County, MN Benchmarks

FHA averages
Typical Property Value$162,059
Average Down Payment9.7%
Average Interest Rate6.613%
Effective Tax Rate0.90%
Median Tax Paid$1,334/yr
Tax Growth (Historical)+2.5%
Based on 34 regional loans totaling $4,830,000 (HMDA database).
$
%

$15,720 down · $146,339 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$122 / month

$

Annual premium

$

Per month

%

$62 / month

Estimated Monthly Payment

$1,286/mo

  • Principal & Interest$952
  • Property Tax$122
  • Home Insurance$150
  • FHA MIP$62
Amortization · Remaining Balance

Financed Loan Amount

$148,900

Total Interest

$193,801

Total of Payments

$342,701

*Includes financed FHA Upfront MIP of $2,561

Local Market Insights

Faribault County FHA Mortgage Overview

In Faribault County, the 9.73% average down payment on an FHA loan provides accessible entry for owner-occupants, but the 90.27% LTV ratio means mandatory Mortgage Insurance Premiums (MIP) are required for the loan's life, regardless of equity. This is ideal for buyers with sub-620 credit scores. The effective property tax rate of 0.90% and a 2.5% inflation-adjusted tax shift directly impact monthly affordability, adding to the total cost when using an FHA mortgage with taxes. For buyers evaluating FHA loan limits with property taxes, this data confirms that the lower down payment offsets the long-term MIP commitment.

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.