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Cheboygan County FHA Loan Calculator

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

Loan Details

Cheboygan County, MI Benchmarks

FHA averages
Typical Property Value$217,439
Average Down Payment14.5%
Average Interest Rate6.523%
Effective Tax Rate0.87%
Median Tax Paid$1,704/yr
Tax Growth (Historical)+1.7%
Based on 82 regional loans totaling $14,200,000 (HMDA database).
$
%

$31,529 down · $185,910 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$158 / month

$

Annual premium

$

Per month

%

$79 / month

Estimated Monthly Payment

$1,585/mo

  • Principal & Interest$1,198
  • Property Tax$158
  • Home Insurance$150
  • FHA MIP$79
Amortization · Remaining Balance

Financed Loan Amount

$189,164

Total Interest

$242,164

Total of Payments

$431,328

*Includes financed FHA Upfront MIP of $3,253

Local Market Insights

Cheboygan County FHA Mortgage Overview

For Cheboygan County homebuyers using an FHA loan, the 14.54% average down payment on a $217,439 property provides accessible entry, but note that FHA Mortgage Insurance Premiums (MIP) are required for the loan’s life, regardless of equity. The 85.46% median loan-to-value ratio confirms this is standard owner-occupied financing. The effective property tax rate of 0.87%, with a recent 1.7% inflation-adjusted increase, adds to monthly costs. When evaluating an FHA loan with PMI and taxes in Cheboygan County, MI, this tax shift means your true monthly affordability should account for slightly rising escrow obligations. This combination makes the FHA route ideal for buyers with sub-620 credit seeking a primary residence.

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.