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Lake of the Woods County FHA Loan Calculator

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

Loan Details

Lake of the Woods County, MN Benchmarks

FHA averages
Typical Property Value$213,000
Average Down Payment10.7%
Average Interest Rate6.393%
Effective Tax Rate0.82%
Median Tax Paid$1,419/yr
Tax Growth (Historical)-9.4%
Based on 15 regional loans totaling $2,845,000 (HMDA database).
$
%

$22,791 down · $190,209 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$146 / month

$

Annual premium

$

Per month

%

$81 / month

Estimated Monthly Payment

$1,586/mo

  • Principal & Interest$1,209
  • Property Tax$146
  • Home Insurance$150
  • FHA MIP$81
Amortization · Remaining Balance

Financed Loan Amount

$193,538

Total Interest

$241,818

Total of Payments

$435,356

*Includes financed FHA Upfront MIP of $3,329

Local Market Insights

Lake of the Woods County FHA Mortgage Overview

In Lake of the Woods County, FHA financing is the dominant path to homeownership, with a 10.69% down payment and an 89.31% loan-to-value ratio. This low entry point is ideal for buyers with sub-620 credit, but note that FHA Mortgage Insurance Premiums (MIP) remain for the loan's life. The effective property tax rate sits at 0.82%, and a recent -9.4% inflation-adjusted tax change improves monthly affordability. For an accurate picture of total costs—including MIP and property taxes—homebuyers should review a detailed FHA loan estimate for this market.

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.