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Steele County FHA Loan Calculator

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

Loan Details

Steele County, MN Benchmarks

FHA averages
Typical Property Value$286,880
Average Down Payment11.9%
Average Interest Rate6.395%
Effective Tax Rate1.16%
Median Tax Paid$2,964/yr
Tax Growth (Historical)+1.8%
Based on 133 regional loans totaling $32,975,000 (HMDA database).
$
%

$34,139 down · $252,741 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$277 / month

$

Annual premium

$

Per month

%

$107 / month

Estimated Monthly Payment

$2,141/mo

  • Principal & Interest$1,607
  • Property Tax$277
  • Home Insurance$150
  • FHA MIP$107
Amortization · Remaining Balance

Financed Loan Amount

$257,164

Total Interest

$321,318

Total of Payments

$578,482

*Includes financed FHA Upfront MIP of $4,423

Local Market Insights

Steele County FHA Mortgage Overview

For Steele County homebuyers, the 11.91% average down payment on an FHA loan provides accessible entry, but note that mandatory Mortgage Insurance Premiums (MIP) apply for the life of the loan, regardless of equity. This makes the Steele County FHA loan limits and tax calculator insights critical; with an 88.09% median loan-to-value (LTV) ratio, the risk profile suits those with sub-620 credit scores seeking owner-occupied primary residences. The 1.16% effective property tax rate, plus a 1.8% inflation-adjusted increase, directly impacts true monthly affordability. When using an FHA loan down payment analysis in Steele County, Minnesota, factor the $286,880 average property value and 6.395% interest rate into your budget, as the MIP and rising taxes raise total housing costs beyond the initial payment.

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.