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Alcorn County FHA Loan Calculator

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

Loan Details

Alcorn County, MS Benchmarks

FHA averages
Typical Property Value$200,530
Average Down Payment10.8%
Average Interest Rate6.386%
Effective Tax Rate0.46%
Median Tax Paid$831/yr
Tax Growth (Historical)+2.3%
Based on 132 regional loans totaling $22,840,000 (HMDA database).
$
%

$21,657 down · $178,873 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$77 / month

$

Annual premium

$

Per month

%

$76 / month

Estimated Monthly Payment

$1,440/mo

  • Principal & Interest$1,137
  • Property Tax$77
  • Home Insurance$150
  • FHA MIP$76
Amortization · Remaining Balance

Financed Loan Amount

$182,003

Total Interest

$227,406

Total of Payments

$409,409

*Includes financed FHA Upfront MIP of $3,130

Local Market Insights

Alcorn County FHA Mortgage Overview

For Alcorn County homebuyers using an FHA loan, the 10.75% average down payment and 89.25% loan-to-value ratio provide accessible entry, but require mandatory Mortgage Insurance Premiums (MIP) for the life of the loan—ideal for those with sub-620 credit. This data reflects 100% owner-occupied purchases. The 6.386% interest rate on a $200,530 property, combined with a 0.46% effective tax rate and a 2.3% inflation-adjusted tax increase, means property taxes will modestly rise, impacting monthly affordability. When evaluating an FHA loan down payment in Alcorn County, Mississippi, factor in lifelong MIP costs alongside the low tax burden.

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.