Polk County FHA Loan Calculator

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

Loan Details

US County (Smart Autofill)

Loan Type

Polk County, IA Benchmarks

FHA averages

Typical Property Value$266,205

Average Down Payment8.3%

Average Interest Rate6.352%

Effective Tax Rate1.57%

Median Tax Paid$4,396/yr

Tax Growth (Historical)-2.3%

Based on 1,502 regional loans totaling $360,210,000 (HMDA database).

Home Price

Down Payment

$22,095 down · $244,110 financed

Interest Rate

Loan Term

yrs

Extra Monthly Principal

Paid directly to principal

Mortgage Start Date

Payoff estimated June 2056

Local & Recurring Costs

Property Tax Rate

$348 / month

Home Insurance

Annual premium

HOA Dues

Per month

PMI Rate

$103 / month

Estimated Monthly Payment

$2,147/mo

Principal & Interest$1,546
Property Tax$348
Home Insurance$150
FHA MIP$103

Amortization · Remaining Balance

Financed Loan Amount

$248,382

Total Interest

$308,006

Total of Payments

$556,388

*Includes financed FHA Upfront MIP of $4,272

Local Market Insights

Polk County FHA Mortgage Overview

In Polk County, FHA buyers leverage an 8.33% down payment on a $266,205 average property, providing accessible entry via a 91.67% LTV. However, this FHA loan with PMI and taxes requires mandatory Mortgage Insurance Premiums for the loan’s life, ideal for sub-620 credit profiles. The effective 1.57% property tax rate, coupled with a -2.3% inflation-adjusted decline, slightly eases monthly costs. For Polk County FHA loan limits and tax considerations, this data, reflecting 100% owner-occupied purchases, underscores that MIP persists regardless of equity, a key factor for any Polk County FHA mortgage analysis.

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.