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Koochiching County FHA Loan Calculator

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

Loan Details

Koochiching County, MN Benchmarks

FHA averages
Typical Property Value$163,125
Average Down Payment7.1%
Average Interest Rate6.623%
Effective Tax Rate0.79%
Median Tax Paid$1,156/yr
Tax Growth (Historical)-2.3%
Based on 16 regional loans totaling $2,380,000 (HMDA database).
$
%

$11,582 down · $151,543 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$107 / month

$

Annual premium

$

Per month

%

$64 / month

Estimated Monthly Payment

$1,308/mo

  • Principal & Interest$987
  • Property Tax$107
  • Home Insurance$150
  • FHA MIP$64
Amortization · Remaining Balance

Financed Loan Amount

$154,195

Total Interest

$201,060

Total of Payments

$355,255

*Includes financed FHA Upfront MIP of $2,652

Local Market Insights

Koochiching County FHA Mortgage Overview

For Koochiching County homebuyers, the 7.11% down payment on FHA loans provides accessible entry, but you must account for mandatory Mortgage Insurance Premiums (MIP) for the loan's life. With a 92.89% median LTV, this FHA structure is ideal for those with sub-620 credit scores. The 0.79% effective property tax rate, coupled with a -2.3% inflation-adjusted tax decrease, eases monthly affordability. When evaluating an FHA loan with PMI and taxes in Koochiching County, MN, these lower tax burdens offset the permanent MIP cost, making the average property value of $163,125 more manageable for 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.