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Otter Tail County FHA Loan Calculator

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

Loan Details

Otter Tail County, MN Benchmarks

FHA averages
Typical Property Value$251,111
Average Down Payment11.8%
Average Interest Rate6.251%
Effective Tax Rate0.73%
Median Tax Paid$2,093/yr
Tax Growth (Historical)+3.3%
Based on 108 regional loans totaling $22,920,000 (HMDA database).
$
%

$29,631 down · $221,480 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$153 / month

$

Annual premium

$

Per month

%

$94 / month

Estimated Monthly Payment

$1,784/mo

  • Principal & Interest$1,388
  • Property Tax$153
  • Home Insurance$150
  • FHA MIP$94
Amortization · Remaining Balance

Financed Loan Amount

$225,356

Total Interest

$274,164

Total of Payments

$499,520

*Includes financed FHA Upfront MIP of $3,876

Local Market Insights

Otter Tail County FHA Mortgage Overview

For Otter Tail County homebuyers using an FHA loan, the 11.83% average down payment on a $251,111 property provides accessible entry, but mandatory Mortgage Insurance Premiums (MIP) apply for the loan’s life due to the 88.17% loan-to-value ratio. This makes FHA ideal for buyers with sub-620 credit, though it increases long-term costs. The 0.73% effective property tax rate is modest, but the recent 3.3% inflation-adjusted tax shift will raise monthly affordability. When evaluating an FHA mortgage with property taxes, factor in both MIP and these rising tax impacts. All data reflects owner-occupied purchases.

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.