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Alcona County FHA Loan Calculator

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

Loan Details

Alcona County, MI Benchmarks

FHA averages
Typical Property Value$200,366
Average Down Payment20.0%
Average Interest Rate6.273%
Effective Tax Rate0.81%
Median Tax Paid$1,341/yr
Tax Growth (Historical)-1.6%
Based on 41 regional loans totaling $6,125,000 (HMDA database).
$
%

$40,073 down · $160,293 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$135 / month

$

Annual premium

$

Per month

%

Not required at 20%+ down

Estimated Monthly Payment

$1,360/mo

  • Principal & Interest$1,006
  • Property Tax$135
  • Home Insurance$150
  • FHA MIP$68
Amortization · Remaining Balance

Financed Loan Amount

$163,098

Total Interest

$199,186

Total of Payments

$362,284

*Includes financed FHA Upfront MIP of $2,805

Local Market Insights

Alcona County FHA Mortgage Overview

In Alcona County, an FHA loan with a 19.97% down payment—nearly double the typical 3.5% minimum—significantly reduces monthly costs but does not eliminate mandatory Mortgage Insurance Premiums (MIP) for the loan's life. This data reflects 100% owner-occupied purchases, ideal for buyers with sub-620 credit. The 80.03% loan-to-value ratio confirms substantial equity from the start. With an effective property tax rate of 0.81% and a recent inflation-adjusted decrease of -1.6%, true monthly affordability improves slightly. When evaluating an Alcona County FHA loan with PMI and taxes, the lower property tax burden offsets the permanent MIP, making this market accessible despite higher down payments.

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.