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Codington County FHA Loan Calculator

Adjust the sliders to model your loan in real time. We have prefilled this page with local benchmark averages for Codington 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

Codington County, SD Benchmarks

FHA averages
Typical Property Value$255,532
Average Down Payment7.8%
Average Interest Rate6.131%
Effective Tax Rate0.96%
$
%

$19,931 down · $235,601 financed

Estimated Monthly Payment

$1,912/mo

  • Principal & Interest$1,457
  • Property Tax$204
  • Home Insurance$150
  • FHA MIP$100
Amortization · Remaining Balance

Financed Loan Amount

$239,724

Total Interest

$284,926

Total of Payments

$524,650

*Includes financed FHA Upfront MIP of $4,123

Local Market Insights

Codington County FHA Mortgage Overview

For Codington County homebuyers, the 7.85% weighted average down payment on an FHA loan is a low-barrier entry point, but it comes with a permanent cost: mandatory Mortgage Insurance Premiums (MIP) are required for the life of the loan, given the 92.15% Loan-to-Value ratio. This structure is ideal for buyers with sub-620 credit scores seeking primary residence financing. The effective property tax rate of 0.96% adds $204 monthly on the $255,531 average value, though the -3.1% inflation-adjusted tax shift slightly eases long-term affordability. When evaluating an FHA loan down payment strategy in Codington County, SD, factor in both MIP and property taxes to gauge true monthly costs.

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.