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Benton County FHA Loan Calculator

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

Loan Details

Benton County, MN Benchmarks

FHA averages
Typical Property Value$291,331
Average Down Payment10.2%
Average Interest Rate6.409%
Effective Tax Rate0.92%
Median Tax Paid$2,651/yr
Tax Growth (Historical)+1.6%
Based on 140 regional loans totaling $35,050,000 (HMDA database).
$
%

$29,716 down · $261,615 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$223 / month

$

Annual premium

$

Per month

%

$111 / month

Estimated Monthly Payment

$2,151/mo

  • Principal & Interest$1,667
  • Property Tax$223
  • Home Insurance$150
  • FHA MIP$111
Amortization · Remaining Balance

Financed Loan Amount

$266,194

Total Interest

$333,854

Total of Payments

$600,048

*Includes financed FHA Upfront MIP of $4,578

Local Market Insights

Benton County FHA Mortgage Overview

For Benton County homebuyers, the 10.24% average down payment on an FHA loan provides accessible entry, but mandatory Mortgage Insurance Premiums (MIP) apply for the loan's life due to the 89.76% loan-to-value ratio. This data, reflecting 100% primary residences, confirms the FHA's role for buyers with sub-620 credit. The 0.92% effective property tax rate, with a 1.6% inflation-adjusted increase, adds $267 monthly on the $291,330 average value. When evaluating an FHA loan with PMI and taxes in Benton County, MN, or assessing down payment options, remember MIP is permanent, impacting long-term affordability.

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.