Morris County FHA Loan Calculator

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

Loan Details

US County (Smart Autofill)

Loan Type

Morris County, TX Benchmarks

FHA averages

Typical Property Value$200,116

Average Down Payment7.0%

Average Interest Rate6.451%

Effective Tax Rate0.96%

Median Tax Paid$1,329/yr

Tax Growth (Historical)-0.7%

Based on 43 regional loans totaling $7,945,000 (HMDA database).

Home Price

Down Payment

$14,008 down · $186,108 financed

Interest Rate

Loan Term

yrs

Extra Monthly Principal

Paid directly to principal

Mortgage Start Date

Payoff estimated June 2056

Local & Recurring Costs

Property Tax Rate

$160 / month

Home Insurance

Annual premium

HOA Dues

Per month

PMI Rate

$79 / month

Estimated Monthly Payment

$1,580/mo

Principal & Interest$1,191
Property Tax$160
Home Insurance$150
FHA MIP$79

Amortization · Remaining Balance

Financed Loan Amount

$189,365

Total Interest

$239,285

Total of Payments

$428,650

*Includes financed FHA Upfront MIP of $3,257

Local Market Insights

Morris County FHA Mortgage Overview

In Morris County, the typical FHA buyer secures entry with a 6.95% down payment on a $200,116 property. This low barrier is ideal for those with sub-620 credit, though it mandates Mortgage Insurance Premiums for the loan’s life. A 93.05% LTV ratio confirms minimal equity at purchase. The 0.96% effective tax rate, recently adjusted down by -0.7% for inflation, slightly improves monthly affordability. For accurate budgeting of Morris County FHA loan limits with PMI and taxes, or assessing an FHA mortgage with property taxes, this data reflects 100% owner-occupied purchases, not investments.

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.