Alger County FHA Loan Calculator

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

Loan Details

US County (Smart Autofill)

Loan Type

Alger County, MI Benchmarks

FHA averages

Typical Property Value$197,727

Average Down Payment13.0%

Average Interest Rate6.375%

Effective Tax Rate0.89%

Median Tax Paid$1,656/yr

Tax Growth (Historical)-2.8%

Based on 11 regional loans totaling $1,895,000 (HMDA database).

Home Price

Down Payment

$25,705 down · $172,022 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

$147 / month

Home Insurance

Annual premium

HOA Dues

Per month

PMI Rate

$73 / month

Estimated Monthly Payment

$1,462/mo

Principal & Interest$1,093
Property Tax$147
Home Insurance$150
FHA MIP$73

Amortization · Remaining Balance

Financed Loan Amount

$175,033

Total Interest

$218,285

Total of Payments

$393,318

*Includes financed FHA Upfront MIP of $3,010

Local Market Insights

Alger County FHA Mortgage Overview

In Alger County, an FHA loan with a 12.99% down payment on a $197,727 home provides accessible entry, but mandatory Mortgage Insurance Premiums (MIP) apply for the loan’s life, regardless of equity. The 87.01% loan-to-value ratio confirms this is a standard owner-occupied purchase. The 0.89% property tax rate, with a recent -2.8% inflation-adjusted decline, improves true monthly affordability. For buyers using an FHA loan calculator with PMI and taxes in Alger County, MI, this tax relief slightly offsets the permanent MIP cost, making the FHA mortgage calculator with property taxes essential for accurate budgeting. These Alger County FHA loan limits support buyers with sub-620 credit seeking primary residences.

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.