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Craig County FHA Loan Calculator

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

Loan Details

Craig County, VA Benchmarks

FHA averages
Typical Property Value$285,667
Average Down Payment13.5%
Average Interest Rate6.512%
Effective Tax Rate0.58%
Median Tax Paid$1,064/yr
Tax Growth (Historical)+7.7%
Based on 16 regional loans totaling $3,850,000 (HMDA database).
$
%

$38,565 down · $247,102 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$138 / month

$

Annual premium

$

Per month

%

$105 / month

Estimated Monthly Payment

$1,984/mo

  • Principal & Interest$1,591
  • Property Tax$138
  • Home Insurance$150
  • FHA MIP$105
Amortization · Remaining Balance

Financed Loan Amount

$251,426

Total Interest

$321,276

Total of Payments

$572,702

*Includes financed FHA Upfront MIP of $4,324

Local Market Insights

Craig County FHA Mortgage Overview

In Craig County, the 13.54% average down payment on FHA loans provides accessible entry for owner-occupants, but the mandatory Mortgage Insurance Premium (MIP) applies for the loan’s life due to the 86.46% LTV ratio. This structure is ideal for buyers with sub-620 credit scores. The 0.58% effective property tax rate, coupled with a 7.7% inflation-adjusted increase, directly raises monthly affordability. When evaluating an FHA loan with PMI and taxes in Craig County, VA, or Craig County FHA loan limits and tax considerations, note that the higher down payment reduces principal but does not eliminate MIP, making property tax trends critical for long-term budgeting.

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.