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Minnehaha County FHA Loan Calculator

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

Loan Details

Minnehaha County, SD Benchmarks

FHA averages
Typical Property Value$303,434
Average Down Payment7.2%
Average Interest Rate6.047%
Effective Tax Rate1.06%
Median Tax Paid$3,281/yr
Tax Growth (Historical)+3.0%
Based on 728 regional loans totaling $198,550,000 (HMDA database).
$
%

$21,847 down · $281,587 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$268 / month

$

Annual premium

$

Per month

%

$119 / month

Estimated Monthly Payment

$2,264/mo

  • Principal & Interest$1,727
  • Property Tax$268
  • Home Insurance$150
  • FHA MIP$119
Amortization · Remaining Balance

Financed Loan Amount

$286,515

Total Interest

$335,213

Total of Payments

$621,727

*Includes financed FHA Upfront MIP of $4,928

Local Market Insights

Minnehaha County FHA Mortgage Overview

In Minnehaha County, the weighted average FHA down payment of 7.19% offers accessible entry, but requires mandatory Mortgage Insurance Premiums (MIP) for the loan’s life due to the 92.81% LTV ratio. This data reflects 100% primary residences, not investments. The effective 1.06% property tax rate, with a 3.0% inflation-adjusted increase, directly raises monthly costs. When evaluating an FHA loan down payment with property taxes, buyers must factor this tax shift into their overall budget. The average 6.047% rate on a $303,434 property means MIP and taxes significantly impact true affordability in this market.

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.