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Marengo County FHA Loan Calculator

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

Loan Details

Marengo County, AL Benchmarks

FHA averages
Typical Property Value$203,929
Average Down Payment11.1%
Average Interest Rate6.329%
Effective Tax Rate0.31%
Median Tax Paid$409/yr
Tax Growth (Historical)-0.1%
Based on 56 regional loans totaling $9,950,000 (HMDA database).
$
%

$22,636 down · $181,293 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$53 / month

$

Annual premium

$

Per month

%

$77 / month

Estimated Monthly Payment

$1,425/mo

  • Principal & Interest$1,145
  • Property Tax$53
  • Home Insurance$150
  • FHA MIP$77
Amortization · Remaining Balance

Financed Loan Amount

$184,466

Total Interest

$227,879

Total of Payments

$412,344

*Includes financed FHA Upfront MIP of $3,173

Local Market Insights

Marengo County FHA Mortgage Overview

For homebuyers in Marengo County, the average FHA down payment of 11.06% offers accessible entry, but this loan type requires mandatory Mortgage Insurance Premiums (MIP) for the life of the loan—ideal for those with sub-620 credit scores. With a median Loan-to-Value ratio of 88.94% and 100% primary occupancy, this market favors owner-occupants. The effective property tax rate is a low 0.31%, and the recent -0.1% inflation-adjusted tax shift provides slight monthly relief. When evaluating an FHA loan with PMI and taxes in Marengo County, AL, the low tax burden helps offset the permanent MIP cost, making these limits attractive for first-time buyers.

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.