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Rice County FHA Loan Calculator

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

Loan Details

Rice County, MN Benchmarks

FHA averages
Typical Property Value$320,497
Average Down Payment10.4%
Average Interest Rate6.268%
Effective Tax Rate1.01%
Median Tax Paid$3,115/yr
Tax Growth (Historical)+4.2%
Based on 171 regional loans totaling $47,975,000 (HMDA database).
$
%

$33,332 down · $287,165 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$270 / month

$

Annual premium

$

Per month

%

$122 / month

Estimated Monthly Payment

$2,344/mo

  • Principal & Interest$1,803
  • Property Tax$270
  • Home Insurance$150
  • FHA MIP$122
Amortization · Remaining Balance

Financed Loan Amount

$292,191

Total Interest

$356,843

Total of Payments

$649,034

*Includes financed FHA Upfront MIP of $5,025

Local Market Insights

Rice County FHA Mortgage Overview

For Rice County homebuyers using an FHA loan, the 10.42% down payment on a $320,497 property requires mandatory Mortgage Insurance Premiums (MIP) for the loan’s life, ideal for those with sub-620 credit. The 89.58% LTV ratio and 100% owner-occupancy confirm this is a primary residence market. The effective property tax rate of 1.01%, with a 4.2% inflation-adjusted increase, adds roughly $135 monthly to true affordability. When evaluating an FHA loan down payment in Rice County, Minnesota, remember MIP is permanent regardless of equity, and the FHA loan limits here accommodate this average value.

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.