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Monterey County FHA Loan Calculator

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

Loan Details

Monterey County, CA Benchmarks

FHA averages
Typical Property Value$698,690
Average Down Payment10.7%
Average Interest Rate6.087%
Effective Tax Rate0.63%
Median Tax Paid$4,910/yr
Tax Growth (Historical)-0.4%
Based on 523 regional loans totaling $316,135,000 (HMDA database).
$
%

$74,760 down · $623,930 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$367 / month

$

Annual premium

$

Per month

%

$265 / month

Estimated Monthly Payment

$4,624/mo

  • Principal & Interest$3,843
  • Property Tax$367
  • Home Insurance$150
  • FHA MIP$265
Amortization · Remaining Balance

Financed Loan Amount

$634,849

Total Interest

$748,650

Total of Payments

$1,383,499

*Includes financed FHA Upfront MIP of $10,919

Local Market Insights

Monterey County FHA Mortgage Overview

For Monterey County homebuyers utilizing an FHA loan, the 10.74% down payment on a $698,690 average property provides accessible entry, though mandatory Mortgage Insurance Premiums (MIP) are required for the loan's life due to the 89.26% LTV. This data reflects 100% owner-occupied purchases, ideal for those with sub-620 credit. The effective property tax rate of 0.63%, combined with a -0.4% inflation-adjusted tax decrease, slightly improves monthly affordability. When evaluating an FHA loan with PMI and taxes in Monterey County, CA, this low tax burden helps offset the permanent MIP cost, a key factor for understanding FHA loan limits and tax impacts in this market.

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.