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Hopewell City FHA Loan Calculator

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

Loan Details

Hopewell city, VA Benchmarks

FHA averages
Typical Property Value$251,034
Average Down Payment7.5%
Average Interest Rate6.344%
Effective Tax Rate0.88%
Median Tax Paid$1,564/yr
Tax Growth (Historical)-5.2%
Based on 180 regional loans totaling $40,430,000 (HMDA database).
$
%

$18,828 down · $232,206 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$184 / month

$

Annual premium

$

Per month

%

$98 / month

Estimated Monthly Payment

$1,901/mo

  • Principal & Interest$1,469
  • Property Tax$184
  • Home Insurance$150
  • FHA MIP$98
Amortization · Remaining Balance

Financed Loan Amount

$236,270

Total Interest

$292,431

Total of Payments

$528,701

*Includes financed FHA Upfront MIP of $4,064

Local Market Insights

Hopewell city FHA Mortgage Overview

In Hopewell city, the FHA program remains the dominant entry point for owner-occupants, as evidenced by a 7.55% weighted down payment and a 92.45% median LTV. This low down payment provides accessible entry, but note that FHA's Mortgage Insurance Premium (MIP) is required for the life of the loan here, making it ideal for buyers with sub-620 credit scores. The effective property tax rate of 0.88% is moderate, and the recent -5.2% inflation-adjusted tax shift offers slight relief on monthly affordability. For those using an FHA loan calculator with PMI and taxes in Hopewell city, VA, these figures are critical inputs for true cost modeling.

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.