Chemung County FHA Loan Calculator

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

Loan Details

US County (Smart Autofill)

Loan Type

Chemung County, NY Benchmarks

FHA averages

Typical Property Value$164,136

Average Down Payment7.4%

Average Interest Rate6.636%

Effective Tax Rate2.00%

Median Tax Paid$3,451/yr

Tax Growth (Historical)+0.5%

Based on 243 regional loans totaling $36,935,000 (HMDA database).

Home Price

Down Payment

$12,146 down · $151,990 financed

Interest Rate

Loan Term

yrs

Extra Monthly Principal

Paid directly to principal

Mortgage Start Date

Payoff estimated June 2056

Local & Recurring Costs

Property Tax Rate

$274 / month

Home Insurance

Annual premium

HOA Dues

Per month

PMI Rate

$64 / month

Estimated Monthly Payment

$1,480/mo

Principal & Interest$992
Property Tax$274
Home Insurance$150
FHA MIP$64

Amortization · Remaining Balance

Financed Loan Amount

$154,650

Total Interest

$202,389

Total of Payments

$357,039

*Includes financed FHA Upfront MIP of $2,660

Local Market Insights

Chemung County FHA Mortgage Overview

For Chemung County homebuyers, the 7.42% average down payment on an FHA loan provides accessible entry, but note that mandatory Mortgage Insurance Premiums (MIP) are required for the life of the loan due to the 92.58% loan-to-value ratio. This data, reflecting 100% primary residences, shows the FHA loan down payment in Chemung County, New York, suits those with sub-620 credit scores. The 2.00% effective property tax rate, with a 0.5% inflation-adjusted increase, raises true monthly costs. When evaluating a Chemung County FHA mortgage with property taxes, factor in this tax shift for accurate affordability.

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.