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Chippewa County FHA Loan Calculator

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

Loan Details

Chippewa County, MN Benchmarks

FHA averages
Typical Property Value$199,865
Average Down Payment13.2%
Average Interest Rate6.304%
Effective Tax Rate1.03%
Median Tax Paid$1,711/yr
Tax Growth (Historical)+7.0%
Based on 37 regional loans totaling $6,055,000 (HMDA database).
$
%

$26,382 down · $173,483 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$172 / month

$

Annual premium

$

Per month

%

$74 / month

Estimated Monthly Payment

$1,488/mo

  • Principal & Interest$1,093
  • Property Tax$172
  • Home Insurance$150
  • FHA MIP$74
Amortization · Remaining Balance

Financed Loan Amount

$176,519

Total Interest

$216,818

Total of Payments

$393,337

*Includes financed FHA Upfront MIP of $3,036

Local Market Insights

Chippewa County FHA Mortgage Overview

For Chippewa County homebuyers using an FHA loan, the 13.15% average down payment offers accessible entry, but note that FHA Mortgage Insurance Premiums (MIP) are required for the loan's life due to the 86.85% loan-to-value ratio. This is ideal for buyers with sub-620 credit scores. The effective property tax rate of 1.03% combined with a 7.0% inflation-adjusted tax increase will raise monthly costs. When evaluating an FHA loan with PMI and taxes in Chippewa County, MN, remember the property tax burden directly impacts true affordability for these primary residences.

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.