Portsmouth City FHA Loan Calculator

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

Loan Details

Baseline

Rates

Taxes & Ins.

DTI

US County (Smart Autofill)

Loan Type

Credit Score (FICO)

Your credit score determines your risk profile. A higher score lowers your interest rate and conventional PMI costs.

Representative Score: 780 (Excellent (Prime)) · FHA uses credit-agnostic pricing

Portsmouth city, VA Benchmarks

FHA averages

Typical Property Value$279,783

Average Down Payment7.7%

Average Interest Rate6.342%

Effective Tax Rate0.95%

Home Price

Down Payment

$21,543 down · $258,240 financed

Estimated Monthly Payment

$2,114/mo

Principal & Interest$1,633
Property Tax$221
Home Insurance$150
FHA MIP$109

Amortization · Remaining Balance

Financed Loan Amount

$262,759

Total Interest

$325,216

Total of Payments

$587,975

*Includes financed FHA Upfront MIP of $4,519

Local Market Insights

Portsmouth city FHA Mortgage Overview

In Portsmouth city, the 7.67% average down payment with an FHA loan provides accessible entry, but mandatory Mortgage Insurance Premiums (MIP) apply for the loan's life due to the 92.33% loan-to-value ratio. This MIP, alongside the 0.95% property tax rate and a 1.2% inflation-adjusted tax increase, directly impacts monthly affordability. For a $279,783 property at 6.342%, an FHA loan down payment analysis in Portsmouth city, VA, reveals that this structure is ideal for primary residence buyers with sub-620 credit, though total housing costs will be higher than the interest rate alone suggests.

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.