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Wilkin County FHA Loan Calculator

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

Loan Details

Wilkin County, MN Benchmarks

FHA averages
Typical Property Value$209,667
Average Down Payment7.4%
Average Interest Rate6.275%
Effective Tax Rate0.91%
Median Tax Paid$1,435/yr
Tax Growth (Historical)+6.3%
Based on 15 regional loans totaling $2,805,000 (HMDA database).
$
%

$15,515 down · $194,152 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$159 / month

$

Annual premium

$

Per month

%

$82 / month

Estimated Monthly Payment

$1,612/mo

  • Principal & Interest$1,220
  • Property Tax$159
  • Home Insurance$150
  • FHA MIP$82
Amortization · Remaining Balance

Financed Loan Amount

$197,549

Total Interest

$241,723

Total of Payments

$439,273

*Includes financed FHA Upfront MIP of $3,398

Local Market Insights

Wilkin County FHA Mortgage Overview

For Wilkin County homebuyers using an FHA loan, the 7.41% weighted average down payment and 92.59% LTV ratio highlight accessible entry. However, FHA mortgage insurance premiums (MIP) are required for the loan's life, a key factor when evaluating an FHA loan with PMI and taxes in Wilkin County, MN. The 0.91% effective property tax rate, adjusted upward by 6.3% for inflation, directly impacts monthly affordability. Given the 100% primary occupancy rate, these terms favor buyers with sub-620 credit scores seeking owner-occupied homes, though the mandatory MIP contrasts with conventional loans where PMI can eventually drop.

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.