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Garrett County FHA Loan Calculator

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

Loan Details

Garrett County, MD Benchmarks

FHA averages
Typical Property Value$264,429
Average Down Payment15.5%
Average Interest Rate6.380%
Effective Tax Rate0.72%
Median Tax Paid$1,836/yr
Tax Growth (Historical)-0.6%
Based on 70 regional loans totaling $14,730,000 (HMDA database).
$
%

$40,986 down · $223,443 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$159 / month

$

Annual premium

$

Per month

%

$95 / month

Estimated Monthly Payment

$1,823/mo

  • Principal & Interest$1,419
  • Property Tax$159
  • Home Insurance$150
  • FHA MIP$95
Amortization · Remaining Balance

Financed Loan Amount

$227,353

Total Interest

$283,534

Total of Payments

$510,886

*Includes financed FHA Upfront MIP of $3,910

Local Market Insights

Garrett County FHA Mortgage Overview

For Garrett County homebuyers, the 15.53% average down payment on FHA loans provides accessible entry, but mandatory Mortgage Insurance Premiums (MIP) persist for the loan's life regardless of equity. The 84.47% Loan-to-Value ratio confirms this, making FHA ideal for those with sub-620 credit scores seeking primary residences. At a 0.72% effective tax rate with a recent -0.6% inflation-adjusted decline, property taxes offer slight relief. When evaluating an FHA loan with PMI and taxes in Garrett County, MD, the $264,428 average property value and 6.38% rate mean the FHA down payment in Garrett County, Maryland, lowers upfront costs, yet MIP adds to monthly obligations. Understanding Garrett County FHA loan limits and property taxes is key to true affordability.

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.