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Clay County FHA Loan Calculator

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

Loan Details
Your credit score determines your risk profile. A higher score lowers your interest rate and conventional PMI costs.

Representative Score: 780 (Excellent (Prime)) · FHA uses credit-agnostic pricing

Clay County, SD Benchmarks

FHA averages
Typical Property Value$284,643
Average Down Payment7.6%
Average Interest Rate6.321%
Effective Tax Rate1.13%
$
%

$21,633 down · $263,010 financed

Estimated Monthly Payment

$2,189/mo

  • Principal & Interest$1,660
  • Property Tax$268
  • Home Insurance$150
  • FHA MIP$112
Amortization · Remaining Balance

Financed Loan Amount

$267,613

Total Interest

$329,966

Total of Payments

$597,579

*Includes financed FHA Upfront MIP of $4,603

Local Market Insights

Clay County FHA Mortgage Overview

Clay County's FHA market shows accessible entry with a 7.60% down payment on a $284,643 average property. This low upfront cost, however, mandates Mortgage Insurance Premiums (MIP) for the life of the loan due to the 92.40% LTV ratio, ideal for buyers with sub-620 credit. The effective property tax rate of 1.13% adds roughly $268 monthly, though the -1.0% inflation-adjusted tax change slightly eases long-term affordability. For those seeking a Clay County FHA loan with PMI and taxes, this data confirms a stable, owner-occupied market where the county's FHA loan limits support 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.