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Cleveland County FHA Loan Calculator

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

Loan Details

Cleveland County, NC Benchmarks

FHA averages
Typical Property Value$274,392
Average Down Payment11.1%
Average Interest Rate6.233%
Effective Tax Rate0.64%
Median Tax Paid$1,286/yr
Tax Growth (Historical)+0.6%
Based on 592 regional loans totaling $139,520,000 (HMDA database).
$
%

$30,458 down · $243,934 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$146 / month

$

Annual premium

$

Per month

%

$103 / month

Estimated Monthly Payment

$1,925/mo

  • Principal & Interest$1,525
  • Property Tax$146
  • Home Insurance$150
  • FHA MIP$103
Amortization · Remaining Balance

Financed Loan Amount

$248,203

Total Interest

$300,798

Total of Payments

$549,001

*Includes financed FHA Upfront MIP of $4,269

Local Market Insights

Cleveland County FHA Mortgage Overview

In Cleveland County, the 11.08% weighted average down payment on FHA loans provides accessible entry for buyers, especially those with sub-620 credit scores. However, with an 88.92% Loan-to-Value ratio, mandatory Mortgage Insurance Premiums (MIP) are required for the life of the loan, not just until 20% equity is built. The effective property tax rate of 0.64% on a $274,391.89 average property value, coupled with a 0.6% inflation-adjusted tax shift, adds roughly $175 annually to monthly costs. For those exploring an FHA loan with PMI and taxes in Cleveland County, NC, this data underscores that MIP is a permanent fixture, making the FHA loan down payment option ideal for primary residence buyers seeking lower upfront cash.

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.