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Lamar County FHA Loan Calculator

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

Loan Details

Lamar County, AL Benchmarks

FHA averages
Typical Property Value$169,400
Average Down Payment9.1%
Average Interest Rate6.696%
Effective Tax Rate0.24%
Median Tax Paid$274/yr
Tax Growth (Historical)+8.5%
Based on 50 regional loans totaling $7,550,000 (HMDA database).
$
%

$15,415 down · $153,985 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$34 / month

$

Annual premium

$

Per month

%

$65 / month

Estimated Monthly Payment

$1,260/mo

  • Principal & Interest$1,011
  • Property Tax$34
  • Home Insurance$150
  • FHA MIP$65
Amortization · Remaining Balance

Financed Loan Amount

$156,679

Total Interest

$207,287

Total of Payments

$363,966

*Includes financed FHA Upfront MIP of $2,695

Local Market Insights

Lamar County FHA Mortgage Overview

For Lamar County homebuyers, the 9.11% average down payment on an FHA loan provides accessible entry despite requiring Mortgage Insurance Premiums (MIP) for the loan’s life, given the high 90.89% LTV ratio. With a $169,400 property value and a 6.696% interest rate, the effective property tax rate of 0.24% is low, but the recent 8.5% inflation-adjusted tax shift will raise monthly costs. This data, reflecting 100% owner-occupancy, makes an FHA loan with PMI and taxes in Lamar County, AL, a practical choice for buyers with sub-620 credit, though MIP cannot be canceled. Understanding Lamar County FHA loan limits and tax impacts is key to long-term affordability.

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.