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Salem City FHA Loan Calculator

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

Loan Details

Salem city, VA Benchmarks

FHA averages
Typical Property Value$283,932
Average Down Payment11.9%
Average Interest Rate6.443%
Effective Tax Rate0.82%
Median Tax Paid$2,316/yr
Tax Growth (Historical)+0.7%
Based on 103 regional loans totaling $25,155,000 (HMDA database).
$
%

$33,788 down · $250,144 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$194 / month

$

Annual premium

$

Per month

%

$106 / month

Estimated Monthly Payment

$2,049/mo

  • Principal & Interest$1,599
  • Property Tax$194
  • Home Insurance$150
  • FHA MIP$106
Amortization · Remaining Balance

Financed Loan Amount

$254,522

Total Interest

$321,017

Total of Payments

$575,539

*Includes financed FHA Upfront MIP of $4,378

Local Market Insights

Salem city FHA Mortgage Overview

In Salem city, the typical FHA homebuyer puts down 11.95% on a $283,932 property, which is higher than the 3.5% minimum. This lower equity position results in an 88.05% loan-to-value ratio, meaning mandatory Mortgage Insurance Premiums (MIP) apply for the entire loan term—ideal for buyers with sub-620 credit scores. The effective property tax rate of 0.82% and a 0.7% inflation-adjusted tax increase add roughly $23 per month to true affordability. For those exploring Salem city FHA loan limits and property taxes, this data confirms a 100% primary occupancy market focused on owner-occupied homes rather than investments.

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.