Sheridan County FHA Loan Calculator

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

Loan Details

US County (Smart Autofill)

Loan Type

Sheridan County, ND Benchmarks

FHA averages

Typical Property Value$55,000

Average Down Payment1.8%

Average Interest Rate6.000%

Effective Tax Rate0.57%

Median Tax Paid$774/yr

Tax Growth (Historical)-0.3%

Based on 2 regional loans totaling $110,000 (HMDA database).

Home Price

Down Payment

$990 down · $54,010 financed

FHA loans require a minimum of 3.5% down payment (or matching dollar amount).

Interest Rate

Loan Term

yrs

Extra Monthly Principal

Paid directly to principal

Mortgage Start Date

Payoff estimated June 2056

Local & Recurring Costs

Property Tax Rate

$26 / month

Home Insurance

Annual premium

HOA Dues

Per month

PMI Rate

$25 / month

Estimated Monthly Payment

$531/mo

Principal & Interest$329
Property Tax$26
Home Insurance$150
FHA MIP$25

Amortization · Remaining Balance

Financed Loan Amount

$54,955

Total Interest

$63,659

Total of Payments

$118,614

*Includes financed FHA Upfront MIP of $945

Local Market Insights

Sheridan County FHA Mortgage Overview

In Sheridan County, the 1.76% average down payment on an FHA loan highlights exceptional accessibility for first-time buyers, though it triggers mandatory Mortgage Insurance Premiums (MIP) for the loan's life. With a 98.24% loan-to-value ratio, this FHA mortgage carries a higher risk profile, ideal for those with sub-620 credit scores. The 0.57% effective property tax rate, coupled with a -0.3% inflation-adjusted decrease, modestly improves monthly affordability for primary residences. When evaluating an FHA loan with PMI and taxes in Sheridan County, ND, this low entry cost offsets the permanent MIP, making it a strategic choice for owner-occupants.

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.