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Rankin County FHA Loan Calculator

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

Loan Details

Rankin County, MS Benchmarks

FHA averages
Typical Property Value$273,833
Average Down Payment7.9%
Average Interest Rate6.212%
Effective Tax Rate0.58%
Median Tax Paid$1,428/yr
Tax Growth (Historical)+0.1%
Based on 1,046 regional loans totaling $260,150,000 (HMDA database).
$
%

$21,633 down · $252,200 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$132 / month

$

Annual premium

$

Per month

%

$107 / month

Estimated Monthly Payment

$1,963/mo

  • Principal & Interest$1,573
  • Property Tax$132
  • Home Insurance$150
  • FHA MIP$107
Amortization · Remaining Balance

Financed Loan Amount

$256,614

Total Interest

$309,790

Total of Payments

$566,404

*Includes financed FHA Upfront MIP of $4,414

Local Market Insights

Rankin County FHA Mortgage Overview

Rankin County FHA buyers benefit from a low 7.88% down payment, offering accessible entry with a 92.12% LTV. However, FHA's mandatory Mortgage Insurance Premium (MIP) applies for the loan's life, regardless of equity, making this ideal for those with sub-620 credit. The 0.58% effective tax rate and a 0.1% inflation-adjusted increase keep monthly costs stable. For accurate budgeting, consider an FHA loan down payment analysis with PMI and taxes in Rankin County, MS, noting property taxes are modest. Since 100% of purchases are owner-occupied, this data reflects standard homebuyers, not investors.

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.