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Sumter County FHA Loan Calculator

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

Loan Details

Sumter County, AL Benchmarks

FHA averages
Typical Property Value$206,200
Average Down Payment13.2%
Average Interest Rate6.171%
Effective Tax Rate0.28%
Median Tax Paid$359/yr
Tax Growth (Historical)+17.3%
Based on 25 regional loans totaling $4,085,000 (HMDA database).
$
%

$27,218 down · $178,982 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$48 / month

$

Annual premium

$

Per month

%

$76 / month

Estimated Monthly Payment

$1,386/mo

  • Principal & Interest$1,112
  • Property Tax$48
  • Home Insurance$150
  • FHA MIP$76
Amortization · Remaining Balance

Financed Loan Amount

$182,114

Total Interest

$218,151

Total of Payments

$400,265

*Includes financed FHA Upfront MIP of $3,132

Local Market Insights

Sumter County FHA Mortgage Overview

For Sumter County homebuyers utilizing FHA financing, the 13.17% down payment and 86.83% loan-to-value ratio offer accessible entry. However, mandatory Mortgage Insurance Premiums (MIP) apply for the loan's life, regardless of equity built. This data reflects 100% primary residences, not investments. The effective property tax rate is a low 0.28%, but the recent 17.3% inflation-adjusted tax increase directly impacts monthly affordability. When evaluating a Sumter County FHA mortgage, factor in both the permanent MIP and these rising taxes to gauge true costs. Understanding Sumter County FHA loan limits and tax impacts is crucial for budgeting.

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.