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Boone County FHA Loan Calculator

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

Loan Details

Boone County, IA Benchmarks

FHA averages
Typical Property Value$231,893
Average Down Payment9.5%
Average Interest Rate6.553%
Effective Tax Rate1.29%
Median Tax Paid$2,910/yr
Tax Growth (Historical)+3.0%
Based on 103 regional loans totaling $20,885,000 (HMDA database).
$
%

$22,030 down · $209,863 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$249 / month

$

Annual premium

$

Per month

%

$89 / month

Estimated Monthly Payment

$1,845/mo

  • Principal & Interest$1,357
  • Property Tax$249
  • Home Insurance$150
  • FHA MIP$89
Amortization · Remaining Balance

Financed Loan Amount

$213,536

Total Interest

$274,884

Total of Payments

$488,419

*Includes financed FHA Upfront MIP of $3,673

Local Market Insights

Boone County FHA Mortgage Overview

Boone County FHA buyers are leveraging a 9.51% down payment, well above the 3.5% minimum, yet still face mandatory Mortgage Insurance Premiums (MIP) for the loan’s life due to the 90.49% LTV. This structure is ideal for those with sub-620 credit seeking accessible entry. The effective 1.29% property tax rate, with a recent 3.0% inflation-adjusted increase, adds significant monthly cost. When evaluating an FHA loan with PMI and taxes in Boone County, IA, this tax shift directly impacts true affordability. All data reflects owner-occupied purchases, ensuring a standard homebuyer risk profile.

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.