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Olmsted County FHA Loan Calculator

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

Loan Details

Olmsted County, MN Benchmarks

FHA averages
Typical Property Value$321,929
Average Down Payment10.7%
Average Interest Rate6.440%
Effective Tax Rate1.01%
Median Tax Paid$3,525/yr
Tax Growth (Historical)+3.2%
Based on 254 regional loans totaling $71,280,000 (HMDA database).
$
%

$34,446 down · $287,483 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$271 / month

$

Annual premium

$

Per month

%

$122 / month

Estimated Monthly Payment

$2,380/mo

  • Principal & Interest$1,837
  • Property Tax$271
  • Home Insurance$150
  • FHA MIP$122
Amortization · Remaining Balance

Financed Loan Amount

$292,514

Total Interest

$368,935

Total of Payments

$661,449

*Includes financed FHA Upfront MIP of $5,031

Local Market Insights

Olmsted County FHA Mortgage Overview

Olmsted County homebuyers using FHA loans are putting down an average of 10.72%, a lower barrier to entry than conventional options. However, with a median loan-to-value ratio of 89.28%, the mandatory Mortgage Insurance Premium (MIP) will be required for the life of the loan—ideal for those with sub-620 credit scores. The effective property tax rate of 1.01% on a $321,929 home adds roughly $271 monthly. A recent 3.2% inflation-adjusted tax increase further impacts true affordability for owner-occupied primary residences, making it critical to factor MIP and taxes into any FHA mortgage analysis with property taxes in Olmsted County.

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.