Monroe County FHA Loan Calculator

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

Loan Details

Baseline

Rates

Taxes & Ins.

DTI

US County (Smart Autofill)

Loan Type

Credit Score (FICO)

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

Monroe County, MS Benchmarks

FHA averages

Typical Property Value$198,706

Average Down Payment8.8%

Average Interest Rate6.356%

Effective Tax Rate0.48%

Home Price

Down Payment

$17,486 down · $181,220 financed

Estimated Monthly Payment

$1,455/mo

Principal & Interest$1,149
Property Tax$79
Home Insurance$150
FHA MIP$77

Amortization · Remaining Balance

Financed Loan Amount

$184,391

Total Interest

$229,088

Total of Payments

$413,479

*Includes financed FHA Upfront MIP of $3,171

Local Market Insights

Monroe County FHA Mortgage Overview

For Monroe County homebuyers, the 8.80% average down payment on an FHA loan provides accessible entry, but mandatory Mortgage Insurance Premiums (MIP) apply for the loan's life due to the 91.20% loan-to-value ratio. This data, reflecting 100% primary residences, shows FHA is ideal for those with sub-620 credit. The effective property tax rate of 0.48% is low, and the recent -4.8% inflation-adjusted tax shift improves true monthly affordability. When assessing an FHA loan with PMI and taxes in Monroe County, MS, the low property tax burden slightly offsets the permanent MIP cost, making the local market more manageable for first-time buyers.

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.