Mortgage Data Labs

Programmatic SEO Local County Calculator

Home>Michigan>Luce County (FHA)

Luce County FHA Loan Calculator

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

Loan Details

Luce County, MI Benchmarks

FHA averages
Typical Property Value$169,286
Average Down Payment17.6%
Average Interest Rate6.583%
Effective Tax Rate0.77%
Median Tax Paid$1,097/yr
Tax Growth (Historical)-5.1%
Based on 14 regional loans totaling $1,850,000 (HMDA database).
$
%

$29,794 down · $139,492 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$109 / month

$

Annual premium

$

Per month

%

$59 / month

Estimated Monthly Payment

$1,222/mo

  • Principal & Interest$905
  • Property Tax$109
  • Home Insurance$150
  • FHA MIP$59
Amortization · Remaining Balance

Financed Loan Amount

$141,933

Total Interest

$183,720

Total of Payments

$325,653

*Includes financed FHA Upfront MIP of $2,441

Local Market Insights

Luce County FHA Mortgage Overview

In Luce County, the 17.62% down payment on an FHA loan (average property value $169,286) provides accessible entry, but mandatory Mortgage Insurance Premiums (MIP) apply for the loan’s life regardless of equity. The 82.38% LTV confirms this is standard owner-occupied financing. The 0.77% effective tax rate, combined with a -5.1% inflation-adjusted tax shift, slightly reduces monthly affordability. For buyers using a Luce County FHA loan with PMI and taxes, this data highlights that MIP is a permanent cost, making the down payment ideal for those with sub-620 credit scores. The lower tax burden helps offset this fixed expense.

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.