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Dakota County FHA Loan Calculator

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

Loan Details

Dakota County, MN Benchmarks

FHA averages
Typical Property Value$369,519
Average Down Payment9.7%
Average Interest Rate6.256%
Effective Tax Rate0.96%
Median Tax Paid$3,749/yr
Tax Growth (Historical)+0.7%
Based on 945 regional loans totaling $307,475,000 (HMDA database).
$
%

$35,843 down · $333,676 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$296 / month

$

Annual premium

$

Per month

%

$141 / month

Estimated Monthly Payment

$2,680/mo

  • Principal & Interest$2,093
  • Property Tax$296
  • Home Insurance$150
  • FHA MIP$141
Amortization · Remaining Balance

Financed Loan Amount

$339,515

Total Interest

$413,843

Total of Payments

$753,358

*Includes financed FHA Upfront MIP of $5,839

Local Market Insights

Dakota County FHA Mortgage Overview

In Dakota County, the 9.74% average down payment on FHA loans provides accessible entry, but the mandatory Mortgage Insurance Premium (MIP) applies for the loan’s life due to the 90.26% loan-to-value ratio. This structure benefits buyers with sub-620 credit scores. With an average property value of $369,518.52 and a 6.256% rate, the 0.96% effective property tax rate, adjusted upward by 0.7% for inflation, directly impacts monthly affordability. For accurate budgeting of an FHA loan with PMI and taxes in Dakota County, MN, understanding these fixed MIP costs and tax shifts is essential for owner-occupants.

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.