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Iron County FHA Loan Calculator

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

Loan Details

Iron County, MI Benchmarks

FHA averages
Typical Property Value$151,571
Average Down Payment17.5%
Average Interest Rate6.417%
Effective Tax Rate1.05%
Median Tax Paid$1,467/yr
Tax Growth (Historical)-2.5%
Based on 35 regional loans totaling $4,225,000 (HMDA database).
$
%

$26,525 down · $125,046 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$133 / month

$

Annual premium

$

Per month

%

$53 / month

Estimated Monthly Payment

$1,133/mo

  • Principal & Interest$798
  • Property Tax$133
  • Home Insurance$150
  • FHA MIP$53
Amortization · Remaining Balance

Financed Loan Amount

$127,234

Total Interest

$159,875

Total of Payments

$287,109

*Includes financed FHA Upfront MIP of $2,188

Local Market Insights

Iron County FHA Mortgage Overview

In Iron County, Michigan, the 17.48% average down payment on FHA loans provides accessible entry for primary residence buyers, but note that mandatory Mortgage Insurance Premiums (MIP) apply for the loan’s life regardless of equity. The 82.52% loan-to-value ratio confirms this is a low-risk, owner-occupied market. With an average property value of $151,571.43 and a 1.05% effective tax rate, monthly affordability is aided by the recent inflation-adjusted tax decrease of 2.5%. For those exploring an FHA loan with PMI and taxes in Iron County, MI, or checking Iron County FHA loan limits and tax impacts, the 6.417% interest rate underscores the importance of factoring long-term MIP costs.

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.