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Petersburg City FHA Loan Calculator

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

Loan Details

Petersburg city, VA Benchmarks

FHA averages
Typical Property Value$245,590
Average Down Payment8.8%
Average Interest Rate6.301%
Effective Tax Rate0.87%
Median Tax Paid$1,523/yr
Tax Growth (Historical)+2.0%
Based on 289 regional loans totaling $62,525,000 (HMDA database).
$
%

$21,612 down · $223,978 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$178 / month

$

Annual premium

$

Per month

%

$95 / month

Estimated Monthly Payment

$1,834/mo

  • Principal & Interest$1,411
  • Property Tax$178
  • Home Insurance$150
  • FHA MIP$95
Amortization · Remaining Balance

Financed Loan Amount

$227,898

Total Interest

$279,927

Total of Payments

$507,825

*Includes financed FHA Upfront MIP of $3,920

Local Market Insights

Petersburg city FHA Mortgage Overview

For Petersburg city homebuyers, the 8.85% average down payment on an FHA loan reflects accessible entry into the market, though mandatory Mortgage Insurance Premiums (MIP) persist for the loan's life due to the 91.15% Loan-to-Value ratio. This data, based on 100% primary occupancy, suits buyers with sub-620 credit scores seeking an FHA mortgage with property taxes. The effective 0.87% tax rate, adjusted by a 2.0% inflation shift, adds roughly $213 annually to true monthly affordability, a key factor when evaluating FHA loan limits and tax impacts.

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.