McCormick County FHA Loan Calculator

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

Loan Details

US County (Smart Autofill)

Loan Type

McCormick County, SC Benchmarks

FHA averages

Typical Property Value$313,182

Average Down Payment19.0%

Average Interest Rate6.229%

Effective Tax Rate0.52%

Median Tax Paid$948/yr

Tax Growth (Historical)-9.3%

Based on 22 regional loans totaling $5,150,000 (HMDA database).

Home Price

Down Payment

$59,505 down · $253,677 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

$136 / month

Home Insurance

Annual premium

HOA Dues

Per month

PMI Rate

$108 / month

Estimated Monthly Payment

$1,979/mo

Principal & Interest$1,586
Property Tax$136
Home Insurance$150
FHA MIP$108

Amortization · Remaining Balance

Financed Loan Amount

$258,117

Total Interest

$312,812

Total of Payments

$570,929

*Includes financed FHA Upfront MIP of $4,439

Local Market Insights

McCormick County FHA Mortgage Overview

In McCormick County, the 18.98% weighted average down payment on FHA loans, combined with a low 0.52% effective property tax rate, creates accessible entry despite mandatory Mortgage Insurance Premiums (MIP) for the loan's life. With a median 81.02% loan-to-value ratio and 100% owner-occupancy, this market favors buyers with sub-620 credit scores seeking lower monthly costs. The recent -9.3% inflation-adjusted tax shift further reduces true affordability, making a McCormick County FHA mortgage with property taxes particularly budget-friendly. For those exploring an FHA loan with PMI and taxes in McCormick County, SC, the high down payment offsets some MIP burden, ideal for primary residence purchases.

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.