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Smith County FHA Loan Calculator

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

Loan Details

Smith County, MS Benchmarks

FHA averages
Typical Property Value$215,444
Average Down Payment11.5%
Average Interest Rate6.237%
Effective Tax Rate0.38%
Median Tax Paid$469/yr
Tax Growth (Historical)-12.7%
Based on 45 regional loans totaling $8,265,000 (HMDA database).
$
%

$24,776 down · $190,668 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$68 / month

$

Annual premium

$

Per month

%

$81 / month

Estimated Monthly Payment

$1,492/mo

  • Principal & Interest$1,193
  • Property Tax$68
  • Home Insurance$150
  • FHA MIP$81
Amortization · Remaining Balance

Financed Loan Amount

$194,005

Total Interest

$235,568

Total of Payments

$429,573

*Includes financed FHA Upfront MIP of $3,337

Local Market Insights

Smith County FHA Mortgage Overview

For Smith County homebuyers using an FHA loan, the 11.51% average down payment provides accessible entry, yet mandatory Mortgage Insurance Premiums (MIP) apply for the loan’s life regardless of equity. The 88.49% Loan-to-Value ratio confirms this is a low-down-payment market, ideal for those with sub-620 credit scores. With an effective property tax rate of just 0.38% and a recent inflation-adjusted tax shift of -12.7%, monthly affordability improves significantly. When evaluating an FHA loan with PMI and taxes in Smith County, MS, these lower taxes offset the permanent MIP cost, making the Smith County FHA mortgage with property taxes particularly manageable for primary residence 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.