Erie County FHA Loan Calculator

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

Loan Details

US County (Smart Autofill)

Loan Type

Erie County, NY Benchmarks

FHA averages

Typical Property Value$266,540

Average Down Payment12.9%

Average Interest Rate6.343%

Effective Tax Rate1.72%

Median Tax Paid$4,622/yr

Tax Growth (Historical)-0.9%

Based on 1,870 regional loans totaling $420,990,000 (HMDA database).

Home Price

Down Payment

$34,384 down · $232,156 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

$382 / month

Home Insurance

Annual premium

HOA Dues

Per month

PMI Rate

$98 / month

Estimated Monthly Payment

$2,099/mo

Principal & Interest$1,468
Property Tax$382
Home Insurance$150
FHA MIP$98

Amortization · Remaining Balance

Financed Loan Amount

$236,219

Total Interest

$292,368

Total of Payments

$528,587

*Includes financed FHA Upfront MIP of $4,063

Local Market Insights

Erie County FHA Mortgage Overview

Erie County's FHA market shows a 12.92% down payment on a $266,540 property, offering accessible entry. However, with an 87.08% LTV, the mandatory Mortgage Insurance Premium (MIP) applies for the loan's life, ideal for buyers with sub-620 credit. The 1.72% effective property tax rate and -0.9% inflation-adjusted tax change slightly ease monthly costs. When using an Erie County FHA loan limits and tax tool, note this data reflects 100% primary residence purchases, ensuring accurate affordability projections for a local FHA mortgage with property taxes.

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.