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Traverse County FHA Loan Calculator

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

Loan Details

Traverse County, MN Benchmarks

FHA averages
Typical Property Value$155,000
Average Down Payment2.0%
Average Interest Rate6.913%
Effective Tax Rate0.92%
Median Tax Paid$1,126/yr
Tax Growth (Historical)+2.1%
Based on 3 regional loans totaling $455,000 (HMDA database).
$
%

$3,100 down · $151,900 financed

FHA loans require a minimum of 3.5% down payment (or matching dollar amount).

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$119 / month

$

Annual premium

$

Per month

%

$71 / month

Estimated Monthly Payment

$1,359/mo

  • Principal & Interest$1,019
  • Property Tax$119
  • Home Insurance$150
  • FHA MIP$71
Amortization · Remaining Balance

Financed Loan Amount

$154,558

Total Interest

$212,265

Total of Payments

$366,824

*Includes financed FHA Upfront MIP of $2,658

Local Market Insights

Traverse County FHA Mortgage Overview

In Traverse County, the 2.00% down payment on an FHA loan unlocks homeownership at a $155,000 average property value, ideal for buyers with sub-620 credit scores. However, the 98.00% LTV ratio mandates MIP for the loan's life, a permanent cost. The 0.92% effective tax rate, adjusted upward by 2.1% for inflation, adds roughly $119 monthly. This FHA loan with PMI and taxes in Traverse County, MN, offers accessible entry but demands careful budgeting for these long-term holding costs. For owner-occupied purchases, this financial structure provides a clear path despite the ongoing MIP.

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.