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Botetourt County FHA Loan Calculator

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

Loan Details

Botetourt County, VA Benchmarks

FHA averages
Typical Property Value$344,280
Average Down Payment15.5%
Average Interest Rate6.311%
Effective Tax Rate0.60%
Median Tax Paid$1,862/yr
Tax Growth (Historical)+2.6%
Based on 127 regional loans totaling $36,065,000 (HMDA database).
$
%

$53,363 down · $290,917 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$172 / month

$

Annual premium

$

Per month

%

$123 / month

Estimated Monthly Payment

$2,280/mo

  • Principal & Interest$1,834
  • Property Tax$172
  • Home Insurance$150
  • FHA MIP$123
Amortization · Remaining Balance

Financed Loan Amount

$296,008

Total Interest

$364,282

Total of Payments

$660,289

*Includes financed FHA Upfront MIP of $5,091

Local Market Insights

Botetourt County FHA Mortgage Overview

For Botetourt County homebuyers using an FHA loan, the 15.50% down payment on a $344,280 average property provides accessible entry, but mandatory Mortgage Insurance Premiums (MIP) apply for the loan’s life due to the 84.50% loan-to-value ratio. This data reflects 100% owner-occupied purchases. The effective property tax rate of 0.60% and a 2.6% inflation-adjusted tax shift add roughly $172 monthly to true affordability. When evaluating an FHA loan down payment scenario in Botetourt County, Virginia, remember MIP is permanent, unlike conventional loans. This market suits buyers prioritizing lower credit thresholds over long-term insurance costs.

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.