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Accomack County FHA Loan Calculator

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

Loan Details

Accomack County, VA Benchmarks

FHA averages
Typical Property Value$287,409
Average Down Payment10.8%
Average Interest Rate6.440%
Effective Tax Rate0.50%
Median Tax Paid$985/yr
Tax Growth (Historical)-0.7%
Based on 137 regional loans totaling $34,585,000 (HMDA database).
$
%

$31,040 down · $256,369 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$120 / month

$

Annual premium

$

Per month

%

$109 / month

Estimated Monthly Payment

$2,017/mo

  • Principal & Interest$1,639
  • Property Tax$120
  • Home Insurance$150
  • FHA MIP$109
Amortization · Remaining Balance

Financed Loan Amount

$260,855

Total Interest

$329,006

Total of Payments

$589,861

*Includes financed FHA Upfront MIP of $4,486

Local Market Insights

Accomack County FHA Mortgage Overview

Accomack County homebuyers utilizing FHA loans benefit from a 10.78% down payment, which is lower than the conventional 20% threshold, but this triggers mandatory Mortgage Insurance Premiums (MIP) for the loan's life. With an average property value of $287,408 and a 6.44% rate, the 89.22% LTV ratio confirms high leverage. The 0.50% effective tax rate, coupled with a -0.7% inflation-adjusted decrease, slightly reduces monthly costs, improving affordability for primary residences. This data, reflecting 100% owner-occupied purchases, highlights FHA’s accessibility for buyers with sub-620 credit scores, where MIP is permanent.

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.