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Waseca County FHA Loan Calculator

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

Loan Details
Your credit score determines your risk profile. A higher score lowers your interest rate and conventional PMI costs.

Representative Score: 780 (Excellent (Prime)) · FHA uses credit-agnostic pricing

Waseca County, MN Benchmarks

FHA averages
Typical Property Value$235,500
Average Down Payment4.7%
Average Interest Rate6.410%
Effective Tax Rate1.13%
$
%

$11,069 down · $224,432 financed

Estimated Monthly Payment

$1,906/mo

  • Principal & Interest$1,430
  • Property Tax$222
  • Home Insurance$150
  • FHA MIP$105
Amortization · Remaining Balance

Financed Loan Amount

$228,359

Total Interest

$286,403

Total of Payments

$514,762

*Includes financed FHA Upfront MIP of $3,928

Local Market Insights

Waseca County FHA Mortgage Overview

In Waseca County, the 4.73% average down payment for FHA loans provides accessible entry, but the associated Mortgage Insurance Premium (MIP) is required for the life of the loan due to the 95.27% Loan-to-Value ratio. This makes FHA financing ideal for buyers with sub-620 credit scores, though it permanently impacts monthly costs. The effective property tax rate of 1.13% adds significant ongoing expense, though the recent -0.5% inflation-adjusted tax shift offers slight relief. When assessing an FHA loan with PMI and taxes in Waseca County, MN, remember that MIP does not cancel, distinguishing it from conventional loans. All data reflects standard, owner-occupied primary residences, not investment properties.

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.