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Polk County FHA Loan Calculator

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

Loan Details

Polk County, MN Benchmarks

FHA averages
Typical Property Value$222,654
Average Down Payment8.3%
Average Interest Rate6.356%
Effective Tax Rate1.01%
Median Tax Paid$2,245/yr
Tax Growth (Historical)+3.3%
Based on 81 regional loans totaling $15,925,000 (HMDA database).
$
%

$18,480 down · $204,174 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$187 / month

$

Annual premium

$

Per month

%

$87 / month

Estimated Monthly Payment

$1,718/mo

  • Principal & Interest$1,294
  • Property Tax$187
  • Home Insurance$150
  • FHA MIP$87
Amortization · Remaining Balance

Financed Loan Amount

$207,747

Total Interest

$258,105

Total of Payments

$465,852

*Includes financed FHA Upfront MIP of $3,573

Local Market Insights

Polk County FHA Mortgage Overview

Polk County’s FHA market shows accessible entry with an 8.32% down payment on a $222,654 average property. This 91.68% LTV ratio keeps mandatory MIP for the loan’s life, benefiting buyers with sub-620 credit. The 1.01% property tax rate, adjusted 3.3% for inflation, adds roughly $188 monthly to true affordability. For those exploring an FHA loan down payment in Polk County, Minnesota, understand that the FHA loan limits and tax impacts here, including PMI, remain fixed long-term for all 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.