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Wayne County FHA Loan Calculator

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

Loan Details

Wayne County, MS Benchmarks

FHA averages
Typical Property Value$220,952
Average Down Payment9.4%
Average Interest Rate6.311%
Effective Tax Rate0.47%
Median Tax Paid$578/yr
Tax Growth (Historical)-18.3%
Based on 42 regional loans totaling $8,340,000 (HMDA database).
$
%

$20,769 down · $200,183 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$87 / month

$

Annual premium

$

Per month

%

$85 / month

Estimated Monthly Payment

$1,583/mo

  • Principal & Interest$1,262
  • Property Tax$87
  • Home Insurance$150
  • FHA MIP$85
Amortization · Remaining Balance

Financed Loan Amount

$203,686

Total Interest

$250,666

Total of Payments

$454,351

*Includes financed FHA Upfront MIP of $3,503

Local Market Insights

Wayne County FHA Mortgage Overview

For Wayne County homebuyers, the 9.37% average down payment on an FHA loan provides accessible entry, but note that Mortgage Insurance Premiums (MIP) is required for the life of the loan regardless of this down payment. This is ideal for buyers with sub-620 credit scores. The 90.63% Loan-to-Value (LTV) ratio confirms nearly all purchases are primary residences. The effective property tax rate of 0.47% is low, and the inflation-adjusted tax change of -18.3% significantly reduces your true monthly affordability burden. When evaluating an FHA loan with PMI and taxes in Wayne County, MS, or using an FHA loan down payment approach, the low tax rate offsets the permanent MIP cost. Understanding Wayne County FHA loan limits and property taxes is key to budgeting.

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.