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Clay County FHA Loan Calculator

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

Loan Details

Clay County, MN Benchmarks

FHA averages
Typical Property Value$289,681
Average Down Payment8.5%
Average Interest Rate6.296%
Effective Tax Rate1.11%
Median Tax Paid$3,013/yr
Tax Growth (Historical)+2.4%
Based on 188 regional loans totaling $48,420,000 (HMDA database).
$
%

$24,623 down · $265,058 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$268 / month

$

Annual premium

$

Per month

%

$112 / month

Estimated Monthly Payment

$2,200/mo

  • Principal & Interest$1,669
  • Property Tax$268
  • Home Insurance$150
  • FHA MIP$112
Amortization · Remaining Balance

Financed Loan Amount

$269,697

Total Interest

$331,269

Total of Payments

$600,966

*Includes financed FHA Upfront MIP of $4,639

Local Market Insights

Clay County FHA Mortgage Overview

In Clay County, the typical FHA homebuyer enters the market with an 8.46% down payment on a $289,681 property, well below the standard 3.5% minimum. This higher equity stake, combined with a 91.54% loan-to-value ratio, reflects a cautious approach despite FHA’s accessibility for sub-620 credit scores. However, mandatory Mortgage Insurance Premiums (MIP) remain for the loan’s life, a key factor when evaluating an FHA loan with PMI and taxes in Clay County, MN. The effective property tax rate of 1.11% and a 2.4% inflation-adjusted increase add $268 annually to monthly costs. For those using an FHA loan down payment analysis in Clay County, Minnesota, these tax shifts and MIP permanence are critical for true affordability. All data reflects 100% primary residences, not investments, aligning with Clay County FHA loan limits and tax considerations.

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.