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Shelby County FHA Loan Calculator

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

Loan Details

Shelby County, AL Benchmarks

FHA averages
Typical Property Value$322,398
Average Down Payment9.2%
Average Interest Rate6.027%
Effective Tax Rate0.42%
Median Tax Paid$1,423/yr
Tax Growth (Historical)+2.8%
Based on 1,400 regional loans totaling $402,830,000 (HMDA database).
$
%

$29,661 down · $292,737 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$113 / month

$

Annual premium

$

Per month

%

$124 / month

Estimated Monthly Payment

$2,179/mo

  • Principal & Interest$1,792
  • Property Tax$113
  • Home Insurance$150
  • FHA MIP$124
Amortization · Remaining Balance

Financed Loan Amount

$297,860

Total Interest

$347,106

Total of Payments

$644,966

*Includes financed FHA Upfront MIP of $5,123

Local Market Insights

Shelby County FHA Mortgage Overview

For Shelby County homebuyers, the typical FHA loan involves a 9.23% down payment on a $322,398 property. This accessible entry point, combined with a 90.77% loan-to-value ratio, mandates a lifetime Mortgage Insurance Premium (MIP), making it ideal for those with sub-620 credit scores. The effective 0.42% property tax rate is low, but the recent 2.8% inflation-adjusted tax increase will slightly raise monthly costs. When evaluating a Shelby County FHA mortgage with property taxes, remember MIP is permanent, unlike conventional loans. This data reflects 100% owner-occupied purchases, not 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.