Montmorency County FHA Loan Calculator

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

Loan Details

US County (Smart Autofill)

Loan Type

Montmorency County, MI Benchmarks

FHA averages

Typical Property Value$201,757

Average Down Payment13.3%

Average Interest Rate6.479%

Effective Tax Rate0.84%

Median Tax Paid$1,364/yr

Tax Growth (Historical)+1.1%

Based on 37 regional loans totaling $6,095,000 (HMDA database).

Home Price

Down Payment

$26,834 down · $174,923 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

$141 / month

Home Insurance

Annual premium

HOA Dues

Per month

PMI Rate

$74 / month

Estimated Monthly Payment

$1,488/mo

Principal & Interest$1,123
Property Tax$141
Home Insurance$150
FHA MIP$74

Amortization · Remaining Balance

Financed Loan Amount

$177,984

Total Interest

$226,167

Total of Payments

$404,151

*Includes financed FHA Upfront MIP of $3,061

Local Market Insights

Montmorency County FHA Mortgage Overview

In Montmorency County, the 13.35% down payment on an FHA loan provides accessible entry, but the mandatory Mortgage Insurance Premium (MIP) applies for the loan's life, regardless of equity. With an 86.65% loan-to-value ratio and 100% owner-occupancy, this data reflects standard homebuyers. The 0.84% property tax rate, adjusted upward by 1.1% for inflation, adds to true monthly costs. For those exploring Montmorency County FHA mortgage options with property taxes and MIP, this combination suits buyers with sub-620 credit seeking lower upfront cash.

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.