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Wadena County FHA Loan Calculator

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

Loan Details

Wadena County, MN Benchmarks

FHA averages
Typical Property Value$258,000
Average Down Payment12.5%
Average Interest Rate6.585%
Effective Tax Rate1.01%
Median Tax Paid$1,806/yr
Tax Growth (Historical)-1.2%
Based on 40 regional loans totaling $9,000,000 (HMDA database).
$
%

$32,250 down · $225,750 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$217 / month

$

Annual premium

$

Per month

%

$96 / month

Estimated Monthly Payment

$1,927/mo

  • Principal & Interest$1,464
  • Property Tax$217
  • Home Insurance$150
  • FHA MIP$96
Amortization · Remaining Balance

Financed Loan Amount

$229,701

Total Interest

$297,329

Total of Payments

$527,029

*Includes financed FHA Upfront MIP of $3,951

Local Market Insights

Wadena County FHA Mortgage Overview

In Wadena County, the 12.46% weighted average down payment on an FHA loan provides accessible entry for primary residence buyers, especially given the 87.54% loan-to-value ratio. However, this FHA structure mandates Mortgage Insurance Premiums (MIP) for the life of the loan, regardless of the down payment amount—ideal for those with sub-620 credit. The 1.01% effective property tax rate, combined with a -1.2% inflation-adjusted decrease, slightly improves true monthly affordability. For precise budgeting of FHA loan down payments with PMI and taxes in Wadena County, MN, or assessing FHA loan limits and tax impacts, understanding this fixed MIP is crucial for long-term cost analysis.

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.