McLeod County FHA Loan Calculator

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

Loan Details

US County (Smart Autofill)

Loan Type

McLeod County, MN Benchmarks

FHA averages

Typical Property Value$283,559

Average Down Payment10.8%

Average Interest Rate6.318%

Effective Tax Rate1.09%

Median Tax Paid$2,840/yr

Tax Growth (Historical)+1.7%

Based on 118 regional loans totaling $28,840,000 (HMDA database).

Home Price

Down Payment

$30,624 down · $252,935 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

$258 / month

Home Insurance

Annual premium

HOA Dues

Per month

PMI Rate

$107 / month

Estimated Monthly Payment

$2,111/mo

Principal & Interest$1,596
Property Tax$258
Home Insurance$150
FHA MIP$107

Amortization · Remaining Balance

Financed Loan Amount

$257,361

Total Interest

$317,325

Total of Payments

$574,686

*Includes financed FHA Upfront MIP of $4,426

Local Market Insights

McLeod County FHA Mortgage Overview

In McLeod County, the typical FHA buyer puts down 10.80%, well above the 3.5% minimum, indicating a deliberate strategy to lower monthly costs. However, with an 89.20% loan-to-value ratio, mandatory Mortgage Insurance Premiums (MIP) remain for the loan’s life—a critical factor when using an FHA loan calculator with PMI and taxes in McLeod County, MN. The effective property tax rate of 1.09% on a $283,559 property, combined with a 1.7% inflation-adjusted tax increase, directly impacts true affordability. For those exploring McLeod County FHA loan limits and tax calculators, this data confirms that while entry is accessible, long-term MIP and rising taxes require careful budgeting for this 100% owner-occupied market.

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.