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Essex County FHA Loan Calculator

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

Loan Details

Essex County, VA Benchmarks

FHA averages
Typical Property Value$304,265
Average Down Payment12.3%
Average Interest Rate6.404%
Effective Tax Rate0.58%
Median Tax Paid$1,348/yr
Tax Growth (Historical)-0.3%
Based on 68 regional loans totaling $17,490,000 (HMDA database).
$
%

$37,425 down · $266,840 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$147 / month

$

Annual premium

$

Per month

%

$113 / month

Estimated Monthly Payment

$2,109/mo

  • Principal & Interest$1,698
  • Property Tax$147
  • Home Insurance$150
  • FHA MIP$113
Amortization · Remaining Balance

Financed Loan Amount

$271,510

Total Interest

$339,882

Total of Payments

$611,392

*Includes financed FHA Upfront MIP of $4,670

Local Market Insights

Essex County FHA Mortgage Overview

For Essex County homebuyers utilizing FHA financing, the 12.35% average down payment provides accessible entry, though it triggers mandatory Mortgage Insurance Premiums (MIP) for the loan's life, regardless of the 87.65% loan-to-value ratio. This data reflects 100% primary residences, not investments. The 0.58% effective property tax rate, combined with a -0.3% inflation-adjusted tax change, offers slight monthly affordability relief. When analyzing an FHA loan in Essex County, VA, consider that property taxes and MIP directly impact your total payment, making this structure ideal for buyers with sub-620 credit seeking lower down payments.

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.