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, Ohio based on real HMDA transaction records.

Loan Details

US County (Smart Autofill)

Loan Type

Erie County, OH Benchmarks

FHA averages

Typical Property Value$230,451

Average Down Payment12.9%

Average Interest Rate6.392%

Effective Tax Rate1.16%

Median Tax Paid$2,428/yr

Tax Growth (Historical)+1.1%

Based on 288 regional loans totaling $56,190,000 (HMDA database).

Home Price

Down Payment

$29,728 down · $200,723 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

$223 / month

Home Insurance

Annual premium

HOA Dues

Per month

PMI Rate

$85 / month

Estimated Monthly Payment

$1,734/mo

Principal & Interest$1,276
Property Tax$223
Home Insurance$150
FHA MIP$85

Amortization · Remaining Balance

Financed Loan Amount

$204,235

Total Interest

$255,185

Total of Payments

$459,420

*Includes financed FHA Upfront MIP of $3,513

Local Market Insights

Erie County FHA Mortgage Overview

For Erie County homebuyers utilizing an FHA loan, the 12.87% average down payment and 87.13% loan-to-value ratio indicate accessible entry, though mandatory Mortgage Insurance Premiums (MIP) apply for the loan's life—ideal for those with sub-620 credit. At a 1.16% effective property tax rate with a 1.1% inflation-adjusted increase, monthly costs rise modestly. With 100% primary occupancy, this data reflects standard owner-occupied purchases. When evaluating Erie County FHA loan limits and property taxes, the 6.392% average rate and $230,451 property value underscore that MIP and taxes are permanent affordability factors.

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.