Houghton County FHA Loan Calculator

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

Loan Details

US County (Smart Autofill)

Loan Type

Houghton County, MI Benchmarks

FHA averages

Typical Property Value$214,815

Average Down Payment16.3%

Average Interest Rate6.504%

Effective Tax Rate1.13%

Median Tax Paid$1,858/yr

Tax Growth (Historical)+1.3%

Based on 54 regional loans totaling $9,260,000 (HMDA database).

Home Price

Down Payment

$35,015 down · $179,800 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

$202 / month

Home Insurance

Annual premium

HOA Dues

Per month

PMI Rate

$76 / month

Estimated Monthly Payment

$1,585/mo

Principal & Interest$1,156
Property Tax$202
Home Insurance$150
FHA MIP$76

Amortization · Remaining Balance

Financed Loan Amount

$182,947

Total Interest

$233,338

Total of Payments

$416,285

*Includes financed FHA Upfront MIP of $3,147

Local Market Insights

Houghton County FHA Mortgage Overview

For Houghton County homebuyers utilizing an FHA loan, the 16.31% average down payment provides accessible entry, but note that FHA's mandatory Mortgage Insurance Premium (MIP) applies for the loan's life regardless of this equity level, making it ideal for those with sub-620 credit scores. With an 83.69% loan-to-value ratio, the FHA loan down payment in Houghton County, Michigan still requires MIP, yet the 1.13% effective property tax rate and 1.3% inflation-adjusted tax shift add $202 monthly to true affordability. All data reflects 100% primary residences, not investments.

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.