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Cape May County FHA Loan Calculator

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

Loan Details

Cape May County, NJ Benchmarks

FHA averages
Typical Property Value$435,109
Average Down Payment17.7%
Average Interest Rate6.296%
Effective Tax Rate0.93%
Median Tax Paid$5,306/yr
Tax Growth (Historical)-1.6%
Based on 183 regional loans totaling $60,655,000 (HMDA database).
$
%

$77,014 down · $358,095 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$337 / month

$

Annual premium

$

Per month

%

$152 / month

Estimated Monthly Payment

$2,894/mo

  • Principal & Interest$2,255
  • Property Tax$337
  • Home Insurance$150
  • FHA MIP$152
Amortization · Remaining Balance

Financed Loan Amount

$364,361

Total Interest

$447,546

Total of Payments

$811,907

*Includes financed FHA Upfront MIP of $6,267

Local Market Insights

Cape May County FHA Mortgage Overview

For Cape May County homebuyers using an FHA loan, the 17.66% weighted average down payment and 82.34% loan-to-value (LTV) ratio indicate a market with accessible entry, yet it is critical to understand that FHA's mandatory Mortgage Insurance Premium (MIP) is required for the life of the loan, even with this substantial down payment. This structure is ideal for buyers with sub-620 credit scores seeking a primary residence. The effective property tax rate of 0.93%, combined with a recent -1.6% inflation-adjusted tax decrease, provides slight monthly affordability relief. When evaluating an FHA loan with PMI and taxes in Cape May County, NJ, or assessing Cape May County FHA loan limits and tax implications, this MIP permanence is a key cost factor.

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.