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Benzie County FHA Loan Calculator

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

Loan Details

Benzie County, MI Benchmarks

FHA averages
Typical Property Value$341,552
Average Down Payment21.0%
Average Interest Rate6.167%
Effective Tax Rate0.77%
Median Tax Paid$2,262/yr
Tax Growth (Historical)+3.6%
Based on 58 regional loans totaling $14,530,000 (HMDA database).
$
%

$71,726 down · $269,826 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$219 / month

$

Annual premium

$

Per month

%

Not required at 20%+ down

Estimated Monthly Payment

$2,160/mo

  • Principal & Interest$1,676
  • Property Tax$219
  • Home Insurance$150
  • FHA MIP$114
Amortization · Remaining Balance

Financed Loan Amount

$274,548

Total Interest

$328,877

Total of Payments

$603,425

*Includes financed FHA Upfront MIP of $4,722

Local Market Insights

Benzie County FHA Mortgage Overview

For Benzie County homebuyers utilizing an FHA loan, the weighted average down payment of 21.03% is notably high for this program, indicating many buyers are putting down significant equity to lower their monthly burden. However, mandatory Mortgage Insurance Premiums (MIP) are required for the life of the loan, regardless of this equity, making FHA ideal for those with sub-620 credit scores. The 78.97% median loan-to-value ratio confirms strong equity positions. Property taxes at 0.77% are manageable, but the 3.6% inflation-adjusted tax increase will slightly raise true monthly affordability. All data reflects 100% primary residence purchases, ensuring standard owner-occupied risk profiles.

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.