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Norman County FHA Loan Calculator

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

Loan Details

Norman County, MN Benchmarks

FHA averages
Typical Property Value$212,391
Average Down Payment11.0%
Average Interest Rate6.277%
Effective Tax Rate0.91%
Median Tax Paid$1,378/yr
Tax Growth (Historical)-0.3%
Based on 23 regional loans totaling $4,325,000 (HMDA database).
$
%

$23,363 down · $189,028 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$161 / month

$

Annual premium

$

Per month

%

$80 / month

Estimated Monthly Payment

$1,579/mo

  • Principal & Interest$1,188
  • Property Tax$161
  • Home Insurance$150
  • FHA MIP$80
Amortization · Remaining Balance

Financed Loan Amount

$192,336

Total Interest

$235,344

Total of Payments

$427,680

*Includes financed FHA Upfront MIP of $3,308

Local Market Insights

Norman County FHA Mortgage Overview

For Norman County homebuyers, the 11.02% average down payment on an FHA loan provides accessible entry, but this comes with mandatory Mortgage Insurance Premiums (MIP) for the life of the loan—ideal for those with sub-620 credit. The 88.98% Loan-to-Value ratio confirms minimal equity upfront. The 0.91% effective property tax rate is moderate, and the -0.3% inflation-adjusted tax change slightly eases monthly costs. When evaluating an FHA loan with PMI and taxes in Norman County, MN, or checking Norman County FHA loan limits and tax impacts, remember that MIP never drops, unlike conventional loans. This data reflects 100% owner-occupied purchases, not investments.

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.