Summit County FHA Loan Calculator

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

Loan Details

US County (Smart Autofill)

Loan Type

Summit County, OH Benchmarks

FHA averages

Typical Property Value$227,804

Average Down Payment11.8%

Average Interest Rate6.482%

Effective Tax Rate1.49%

Median Tax Paid$3,195/yr

Tax Growth (Historical)+2.7%

Based on 1,941 regional loans totaling $380,675,000 (HMDA database).

Home Price

Down Payment

$26,881 down · $200,923 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

$283 / month

Home Insurance

Annual premium

HOA Dues

Per month

PMI Rate

$85 / month

Estimated Monthly Payment

$1,808/mo

Principal & Interest$1,290
Property Tax$283
Home Insurance$150
FHA MIP$85

Amortization · Remaining Balance

Financed Loan Amount

$204,439

Total Interest

$259,783

Total of Payments

$464,223

*Includes financed FHA Upfront MIP of $3,516

Local Market Insights

Summit County FHA Mortgage Overview

In Summit County, the 11.84% average down payment on an FHA loan provides accessible entry, but note the 88.16% LTV ratio means mandatory Mortgage Insurance Premiums (MIP) are required for the life of the loan—ideal for buyers with a sub-620 credit score. This data reflects 100% owner-occupied purchases. The effective property tax rate of 1.49%, with a recent 2.7% inflation-adjusted increase, directly impacts monthly affordability when using an FHA loan with PMI and taxes in Summit County, OH. For accurate budgeting, consider Summit County FHA loan limits and tax scenarios alongside the down payment.

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.