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Franklin County FHA Loan Calculator

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

Loan Details

Franklin County, VA Benchmarks

FHA averages
Typical Property Value$282,615
Average Down Payment13.5%
Average Interest Rate6.295%
Effective Tax Rate0.50%
Median Tax Paid$1,196/yr
Tax Growth (Historical)-2.3%
Based on 218 regional loans totaling $51,280,000 (HMDA database).
$
%

$38,153 down · $244,462 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$118 / month

$

Annual premium

$

Per month

%

$104 / month

Estimated Monthly Payment

$1,909/mo

  • Principal & Interest$1,538
  • Property Tax$118
  • Home Insurance$150
  • FHA MIP$104
Amortization · Remaining Balance

Financed Loan Amount

$248,740

Total Interest

$304,944

Total of Payments

$553,684

*Includes financed FHA Upfront MIP of $4,278

Local Market Insights

Franklin County FHA Mortgage Overview

For Franklin County homebuyers, the 13.52% average down payment on an FHA loan provides accessible entry, though mandatory Mortgage Insurance Premiums (MIP) apply for the loan's life, regardless of equity. With an 86.48% Loan-to-Value ratio and 100% primary occupancy, this data reflects standard owner-occupied purchases. The 0.50% effective property tax rate, coupled with a -2.3% inflation-adjusted tax decrease, modestly improves true monthly affordability. When evaluating an FHA mortgage with property taxes and MIP in Franklin County, Virginia, note that the weighted average property value of $282,614.68 and 6.295% interest rate shape your monthly budget. This market suits buyers with sub-620 credit scores seeking lower upfront 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.