Morris County FHA Loan Calculator

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

Loan Details

US County (Smart Autofill)

Loan Type

Morris County, NJ Benchmarks

FHA averages

Typical Property Value$641,372

Average Down Payment15.9%

Average Interest Rate6.209%

Effective Tax Rate1.84%

Median Tax Paid$10,001/yr

Tax Growth (Historical)%

Based on 780 regional loans totaling $406,720,000 (HMDA database).

Home Price

Down Payment

$101,978 down · $539,394 financed

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

$983 / month

Home Insurance

Annual premium

HOA Dues

Per month

PMI Rate

$229 / month

Estimated Monthly Payment

$4,727/mo

Principal & Interest$3,365
Property Tax$983
Home Insurance$150
FHA MIP$229

Amortization · Remaining Balance

Financed Loan Amount

$548,833

Total Interest

$662,565

Total of Payments

$1,211,398

*Includes financed FHA Upfront MIP of $9,439

Local Market Insights

Morris County FHA Mortgage Overview

For Morris County homebuyers using an FHA loan, the 15.93% down payment provides accessible entry, but note that mandatory Mortgage Insurance Premiums (MIP) are required for the life of the loan due to the 84.07% loan-to-value ratio. This is ideal for those with sub-620 credit scores. With an effective property tax rate of 1.84% on a $641,372 average home, monthly affordability is significantly impacted. When evaluating a Morris County FHA loan with PMI and taxes, the high tax burden and permanent MIP must be factored into your budget. This data reflects 100% primary residence 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.