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Mahnomen County FHA Loan Calculator

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

Loan Details

Mahnomen County, MN Benchmarks

FHA averages
Typical Property Value$208,889
Average Down Payment12.4%
Average Interest Rate6.216%
Effective Tax Rate0.87%
Median Tax Paid$1,509/yr
Tax Growth (Historical)+2.6%
Based on 18 regional loans totaling $3,010,000 (HMDA database).
$
%

$25,902 down · $182,987 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$151 / month

$

Annual premium

$

Per month

%

$78 / month

Estimated Monthly Payment

$1,522/mo

  • Principal & Interest$1,143
  • Property Tax$151
  • Home Insurance$150
  • FHA MIP$78
Amortization · Remaining Balance

Financed Loan Amount

$186,189

Total Interest

$225,207

Total of Payments

$411,396

*Includes financed FHA Upfront MIP of $3,202

Local Market Insights

Mahnomen County FHA Mortgage Overview

In Mahnomen County, the 12.36% average down payment on an FHA loan provides accessible entry, but requires mandatory Mortgage Insurance Premiums (MIP) for the loan's life, ideal for buyers with sub-620 credit. The 87.64% loan-to-value ratio confirms this, as MIP cannot be canceled. With a 0.87% property tax rate and a 2.6% inflation-adjusted increase, monthly affordability is impacted. For an FHA loan with PMI and taxes in Mahnomen County, MN, these costs are permanent. This data, reflecting 100% primary residences, shows a market where lower upfront cash is traded for higher long-term carrying costs.

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.