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Letcher County FHA Loan Calculator

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

Loan Details

Letcher County, KY Benchmarks

FHA averages
Typical Property Value$133,788
Average Down Payment6.7%
Average Interest Rate6.641%
Effective Tax Rate0.67%
Median Tax Paid$648/yr
Tax Growth (Historical)-4.3%
Based on 33 regional loans totaling $4,055,000 (HMDA database).
$
%

$8,964 down · $124,824 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$75 / month

$

Annual premium

$

Per month

%

$53 / month

Estimated Monthly Payment

$1,092/mo

  • Principal & Interest$815
  • Property Tax$75
  • Home Insurance$150
  • FHA MIP$53
Amortization · Remaining Balance

Financed Loan Amount

$127,009

Total Interest

$166,215

Total of Payments

$293,224

*Includes financed FHA Upfront MIP of $2,184

Local Market Insights

Letcher County FHA Mortgage Overview

For Letcher County homebuyers, the 6.72% weighted average down payment on FHA loans highlights an accessible entry point, though mandatory Mortgage Insurance Premiums (MIP) apply for the life of the loan given the 93.28% median LTV. This makes FHA financing ideal for those with sub-620 credit scores. The effective property tax rate of 0.67% is modest, and the -4.3% inflation-adjusted tax change improves true monthly affordability in this market. When evaluating a Letcher County FHA mortgage with property taxes, remember MIP is permanent, unlike conventional PMI. All data reflects 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.