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Watonwan County FHA Loan Calculator

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

Loan Details

Watonwan County, MN Benchmarks

FHA averages
Typical Property Value$196,481
Average Down Payment8.3%
Average Interest Rate6.328%
Effective Tax Rate1.02%
Median Tax Paid$1,700/yr
Tax Growth (Historical)+5.9%
Based on 27 regional loans totaling $4,915,000 (HMDA database).
$
%

$16,308 down · $180,173 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$167 / month

$

Annual premium

$

Per month

%

$76 / month

Estimated Monthly Payment

$1,532/mo

  • Principal & Interest$1,138
  • Property Tax$167
  • Home Insurance$150
  • FHA MIP$76
Amortization · Remaining Balance

Financed Loan Amount

$183,326

Total Interest

$226,471

Total of Payments

$409,797

*Includes financed FHA Upfront MIP of $3,153

Local Market Insights

Watonwan County FHA Mortgage Overview

In Watonwan County, the typical FHA buyer puts 8.32% down on a $196,481 home, far below the 20% threshold. This low entry point, combined with a 91.68% loan-to-value ratio, mandates Mortgage Insurance Premiums (MIP) for the loan’s entire term—ideal for those with sub-620 credit seeking owner-occupied financing. The effective 1.02% property tax rate, adjusted upward by 5.9% for inflation, adds roughly $167 monthly to true housing costs. When evaluating an FHA loan with PMI and taxes in Watonwan County, MN, buyers should budget for this permanent MIP alongside the rising tax burden.

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.