Somerset County FHA Loan Calculator

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

Loan Details

US County (Smart Autofill)

Loan Type

Somerset County, ME Benchmarks

FHA averages

Typical Property Value$238,814

Average Down Payment12.1%

Average Interest Rate6.320%

Effective Tax Rate0.99%

Median Tax Paid$1,798/yr

Tax Growth (Historical)-3.0%

Based on 215 regional loans totaling $43,325,000 (HMDA database).

Home Price

Down Payment

$28,896 down · $209,918 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

$197 / month

Home Insurance

Annual premium

HOA Dues

Per month

PMI Rate

$89 / month

Estimated Monthly Payment

$1,761/mo

Principal & Interest$1,325
Property Tax$197
Home Insurance$150
FHA MIP$89

Amortization · Remaining Balance

Financed Loan Amount

$213,591

Total Interest

$263,357

Total of Payments

$476,948

*Includes financed FHA Upfront MIP of $3,674

Local Market Insights

Somerset County FHA Mortgage Overview

For Somerset County homebuyers, the 12.06% average down payment on an FHA loan provides accessible entry, but mandatory Mortgage Insurance Premiums (MIP) last for the loan's life regardless of equity. With a high 87.94% loan-to-value ratio and 100% primary occupancy, this market favors buyers with sub-620 credit scores. The 0.99% property tax rate is moderate, and the recent -3.0% inflation-adjusted tax change slightly reduces monthly costs. When evaluating an FHA mortgage with property taxes in Somerset County, ME, remember that MIP and taxes are permanent fixtures in your payment structure, making accurate budgeting essential.

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.