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Covington City FHA Loan Calculator

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

Loan Details

Covington city, VA Benchmarks

FHA averages
Typical Property Value$162,500
Average Down Payment10.7%
Average Interest Rate6.598%
Effective Tax Rate0.86%
Median Tax Paid$681/yr
Tax Growth (Historical)+5.0%
Based on 24 regional loans totaling $3,410,000 (HMDA database).
$
%

$17,388 down · $145,113 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$116 / month

$

Annual premium

$

Per month

%

$62 / month

Estimated Monthly Payment

$1,271/mo

  • Principal & Interest$943
  • Property Tax$116
  • Home Insurance$150
  • FHA MIP$62
Amortization · Remaining Balance

Financed Loan Amount

$147,652

Total Interest

$191,825

Total of Payments

$339,477

*Includes financed FHA Upfront MIP of $2,539

Local Market Insights

Covington city FHA Mortgage Overview

For Covington city homebuyers using an FHA loan, the 10.73% down payment offers accessible entry, but note that mandatory Mortgage Insurance Premiums (MIP) apply for the loan’s life regardless of equity. With a high 89.27% loan-to-value ratio, this data reflects standard owner-occupied purchases, ideal for those with sub-620 credit. The effective property tax rate of 0.86% and a recent 5.0% inflation-adjusted tax shift will modestly increase true monthly affordability. When evaluating a Covington city FHA mortgage with property taxes, factor in both the MIP and these tax impacts for a complete budget picture.

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.