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Somerset County FHA Loan Calculator

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

Loan Details

Somerset County, NJ Benchmarks

FHA averages
Typical Property Value$587,586
Average Down Payment14.9%
Average Interest Rate6.268%
Effective Tax Rate1.84%
Median Tax Paid$10,001/yr
Tax Growth (Historical)%
Based on 554 regional loans totaling $268,390,000 (HMDA database).
$
%

$87,550 down · $500,036 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$901 / month

$

Annual premium

$

Per month

%

$212 / month

Estimated Monthly Payment

$4,402/mo

  • Principal & Interest$3,139
  • Property Tax$901
  • Home Insurance$150
  • FHA MIP$212
Amortization · Remaining Balance

Financed Loan Amount

$508,786

Total Interest

$621,364

Total of Payments

$1,130,150

*Includes financed FHA Upfront MIP of $8,751

Local Market Insights

Somerset County FHA Mortgage Overview

In Somerset County, the 14.91% down payment on an FHA loan provides accessible entry for buyers, though the 85.09% loan-to-value (LTV) ratio means the mandatory Mortgage Insurance Premium (MIP) remains for the life of the loan—ideal for those with sub-620 credit scores. With an average property value of $587,585.90 and a 6.268% interest rate, the 1.84% effective property tax rate significantly impacts monthly affordability. This data, representing 100% primary residences, underscores that an FHA loan down payment in Somerset County, New Jersey, requires careful budgeting for MIP and taxes. For a full picture, consider an FHA mortgage analysis with property taxes to gauge true costs.

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.