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Monroe County FHA Loan Calculator

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

Loan Details

Monroe County, TN Benchmarks

FHA averages
Typical Property Value$283,089
Average Down Payment12.8%
Average Interest Rate6.369%
Effective Tax Rate0.39%
Median Tax Paid$934/yr
Tax Growth (Historical)+2.1%
Based on 314 regional loans totaling $74,630,000 (HMDA database).
$
%

$36,235 down · $246,854 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$92 / month

$

Annual premium

$

Per month

%

$105 / month

Estimated Monthly Payment

$1,913/mo

  • Principal & Interest$1,566
  • Property Tax$92
  • Home Insurance$150
  • FHA MIP$105
Amortization · Remaining Balance

Financed Loan Amount

$251,174

Total Interest

$312,649

Total of Payments

$563,823

*Includes financed FHA Upfront MIP of $4,320

Local Market Insights

Monroe County FHA Mortgage Overview

Monroe County homebuyers utilizing FHA loans benefit from accessible entry with a 12.81% down payment on an average property value of $283,089. However, this lower equity position means mandatory Mortgage Insurance Premiums (MIP) are required for the life of the loan—a key factor for those with sub-620 credit scores. With a median loan-to-value ratio of 87.19%, these loans support primary residences exclusively. The effective property tax rate of 0.39% is modest, but the recent 2.1% inflation-adjusted increase will slightly raise monthly affordability. When evaluating an FHA loan with PMI and taxes in Monroe County, TN, the low tax burden helps offset the permanent MIP cost.

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.