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Covington County FHA Loan Calculator

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

Loan Details

Covington County, MS Benchmarks

FHA averages
Typical Property Value$215,702
Average Down Payment8.6%
Average Interest Rate6.347%
Effective Tax Rate0.41%
Median Tax Paid$619/yr
Tax Growth (Historical)-12.1%
Based on 57 regional loans totaling $10,955,000 (HMDA database).
$
%

$18,550 down · $197,152 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$74 / month

$

Annual premium

$

Per month

%

$84 / month

Estimated Monthly Payment

$1,555/mo

  • Principal & Interest$1,248
  • Property Tax$74
  • Home Insurance$150
  • FHA MIP$84
Amortization · Remaining Balance

Financed Loan Amount

$200,602

Total Interest

$248,756

Total of Payments

$449,358

*Includes financed FHA Upfront MIP of $3,450

Local Market Insights

Covington County FHA Mortgage Overview

For Covington County homebuyers using FHA loans, the 8.58% down payment and 91.42% LTV ratio highlight accessible entry, but mandatory Mortgage Insurance Premiums (MIP) apply for the loan’s life—ideal for those with sub-620 credit. The effective property tax rate of 0.41% is low, and the -12.1% inflation-adjusted tax change reduces monthly burden, improving affordability. When evaluating an FHA loan with PMI and taxes in Covington County, MS, these factors lower true monthly costs. 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.