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Redwood County FHA Loan Calculator

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

Loan Details

Redwood County, MN Benchmarks

FHA averages
Typical Property Value$177,571
Average Down Payment14.5%
Average Interest Rate6.219%
Effective Tax Rate0.82%
Median Tax Paid$1,581/yr
Tax Growth (Historical)+6.2%
Based on 35 regional loans totaling $5,045,000 (HMDA database).
$
%

$25,748 down · $151,823 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$121 / month

$

Annual premium

$

Per month

%

$64 / month

Estimated Monthly Payment

$1,284/mo

  • Principal & Interest$948
  • Property Tax$121
  • Home Insurance$150
  • FHA MIP$64
Amortization · Remaining Balance

Financed Loan Amount

$154,480

Total Interest

$186,853

Total of Payments

$341,333

*Includes financed FHA Upfront MIP of $2,657

Local Market Insights

Redwood County FHA Mortgage Overview

In Redwood County, FHA financing with a 14.51% down payment provides accessible entry, but the 85.49% LTV means mandatory Mortgage Insurance Premiums (MIP) apply for the loan’s life, regardless of equity. This is ideal for buyers with sub-620 credit. The 0.82% effective tax rate, adjusted upward 6.2% for inflation, directly impacts monthly affordability when using an FHA loan with PMI and taxes in Redwood County, MN. All 100% of these loans are for primary residences, reflecting owner-occupant stability. Understanding Redwood County FHA loan limits and tax impacts is crucial for budgeting true monthly costs.

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.