Ontonagon County FHA Loan Calculator

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

Loan Details

US County (Smart Autofill)

Loan Type

Ontonagon County, MI Benchmarks

FHA averages

Typical Property Value$130,000

Average Down Payment18.6%

Average Interest Rate6.586%

Effective Tax Rate1.13%

Median Tax Paid$1,294/yr

Tax Growth (Historical)+0.9%

Based on 16 regional loans totaling $1,620,000 (HMDA database).

Home Price

Down Payment

$24,180 down · $105,820 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

$122 / month

Home Insurance

Annual premium

HOA Dues

Per month

PMI Rate

$45 / month

Estimated Monthly Payment

$1,004/mo

Principal & Interest$687
Property Tax$122
Home Insurance$150
FHA MIP$45

Amortization · Remaining Balance

Financed Loan Amount

$107,672

Total Interest

$139,628

Total of Payments

$247,300

*Includes financed FHA Upfront MIP of $1,852

Local Market Insights

Ontonagon County FHA Mortgage Overview

For Ontonagon County homebuyers using an FHA loan, the 18.61% down payment on a $130,000 property provides accessible entry, but note that FHA Mortgage Insurance Premiums (MIP) are required for the life of the loan regardless of this equity level, making it ideal for those with sub-620 credit scores. The 81.39% Loan-to-Value (LTV) ratio confirms this is a primary-residence market. With a 1.13% effective property tax rate and a 0.9% inflation-adjusted increase, monthly affordability is moderately impacted. When evaluating an FHA loan with PMI and taxes in Ontonagon County, Michigan, these costs are permanent. Understanding Ontonagon County FHA loan limits and tax implications is crucial for accurate budgeting.

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.