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Mille Lacs County FHA Loan Calculator

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

Loan Details

Mille Lacs County, MN Benchmarks

FHA averages
Typical Property Value$304,918
Average Down Payment11.3%
Average Interest Rate6.366%
Effective Tax Rate0.96%
Median Tax Paid$2,698/yr
Tax Growth (Historical)+5.7%
Based on 122 regional loans totaling $31,800,000 (HMDA database).
$
%

$34,456 down · $270,462 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$244 / month

$

Annual premium

$

Per month

%

$115 / month

Estimated Monthly Payment

$2,225/mo

  • Principal & Interest$1,716
  • Property Tax$244
  • Home Insurance$150
  • FHA MIP$115
Amortization · Remaining Balance

Financed Loan Amount

$275,195

Total Interest

$342,551

Total of Payments

$617,746

*Includes financed FHA Upfront MIP of $4,733

Local Market Insights

Mille Lacs County FHA Mortgage Overview

In Mille Lacs County, the 11.35% weighted average down payment on FHA loans provides accessible entry, but note that mandatory Mortgage Insurance Premiums (MIP) apply for the loan’s life, regardless of equity buildup. The 88.65% loan-to-value ratio confirms this is a low-risk, owner-occupied market. With an effective property tax rate of 0.96% and a 5.7% inflation-adjusted tax increase, monthly affordability is squeezed. When evaluating an FHA loan with PMI and taxes in Mille Lacs County, the true cost includes these recurring premiums. Understanding Mille Lacs County FHA loan limits and tax impacts is crucial for budgeting.

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.