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Lake County FHA Loan Calculator

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

Loan Details

Lake County, SD Benchmarks

FHA averages
Typical Property Value$300,000
Average Down Payment12.7%
Average Interest Rate6.156%
Effective Tax Rate0.93%
Median Tax Paid$2,546/yr
Tax Growth (Historical)+0.3%
Based on 28 regional loans totaling $7,030,000 (HMDA database).
$
%

$38,100 down · $261,900 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$233 / month

$

Annual premium

$

Per month

%

$111 / month

Estimated Monthly Payment

$2,119/mo

  • Principal & Interest$1,625
  • Property Tax$233
  • Home Insurance$150
  • FHA MIP$111
Amortization · Remaining Balance

Financed Loan Amount

$266,483

Total Interest

$318,595

Total of Payments

$585,078

*Includes financed FHA Upfront MIP of $4,583

Local Market Insights

Lake County FHA Mortgage Overview

For Lake County homebuyers, the 12.72% weighted average down payment on an FHA loan signals accessible entry, but the 87.28% Loan-to-Value (LTV) ratio confirms mandatory Mortgage Insurance Premiums (MIP) for the loan’s life—ideal for those with sub-620 credit. This data reflects 100% owner-occupied purchases. The effective 0.93% property tax rate, with a 0.3% inflation-adjusted increase, adds roughly $23 monthly on a $300,000 home, directly impacting affordability. When evaluating an FHA loan with PMI and taxes in Lake County, SD, the low down payment reduces upfront costs, but the permanent MIP and stable tax shift require careful budgeting for long-term ownership.

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.