Lake County FHA Loan Calculator

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

Loan Details

US County (Smart Autofill)

Loan Type

Lake County, MN Benchmarks

FHA averages

Typical Property Value$273,621

Average Down Payment14.9%

Average Interest Rate6.420%

Effective Tax Rate0.61%

Median Tax Paid$1,765/yr

Tax Growth (Historical)+2.3%

Based on 29 regional loans totaling $6,555,000 (HMDA database).

Home Price

Down Payment

$40,770 down · $232,851 financed

Interest Rate

Loan Term

yrs

Extra Monthly Principal

Paid directly to principal

Mortgage Start Date

Payoff estimated June 2056

Local & Recurring Costs

Property Tax Rate

$139 / month

Home Insurance

Annual premium

HOA Dues

Per month

PMI Rate

$99 / month

Estimated Monthly Payment

$1,873/mo

Principal & Interest$1,485
Property Tax$139
Home Insurance$150
FHA MIP$99

Amortization · Remaining Balance

Financed Loan Amount

$236,926

Total Interest

$297,707

Total of Payments

$534,633

*Includes financed FHA Upfront MIP of $4,075

Local Market Insights

Lake County FHA Mortgage Overview

Lake County’s FHA market shows a 14.91% down payment, providing accessible entry despite mandatory Mortgage Insurance Premiums (MIP) for the loan’s life. With an 85.09% loan-to-value ratio, this is ideal for buyers with sub-620 credit scores seeking owner-occupied homes. The 0.61% effective property tax rate, adjusted upward by 2.3% for inflation, modestly impacts monthly affordability when using an FHA loan calculator with PMI and taxes in Lake County, MN. The average 6.42% rate on a $273,621 property means an FHA mortgage calculator with property taxes is essential for accurate budgeting.

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.