Queens County FHA Loan Calculator

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

Loan Details

US County (Smart Autofill)

Loan Type

Queens County, NY Benchmarks

FHA averages

Typical Property Value$853,602

Average Down Payment11.8%

Average Interest Rate6.230%

Effective Tax Rate0.75%

Median Tax Paid$6,297/yr

Tax Growth (Historical)-0.4%

Based on 1,253 regional loans totaling $905,305,000 (HMDA database).

Home Price

Down Payment

$100,725 down · $752,877 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

$534 / month

Home Insurance

Annual premium

HOA Dues

Per month

PMI Rate

$319 / month

Estimated Monthly Payment

$5,709/mo

Principal & Interest$4,707
Property Tax$534
Home Insurance$150
FHA MIP$319

Amortization · Remaining Balance

Financed Loan Amount

$766,052

Total Interest

$928,380

Total of Payments

$1,694,432

*Includes financed FHA Upfront MIP of $13,175

Local Market Insights

Queens County FHA Mortgage Overview

Queens County homebuyers using an FHA loan with an 11.83% down payment benefit from accessible entry despite the $853,602 average property value. However, this 88.17% loan-to-value (LTV) ratio triggers mandatory Mortgage Insurance Premiums (MIP) for the loan's life, making it ideal for those with sub-620 credit scores. The 0.75% effective property tax rate, with a -0.4% inflation-adjusted decrease, slightly offsets monthly affordability. For precise FHA loan down payment estimates with PMI and taxes in Queens County, NY, understanding how property taxes influence your budget is crucial, especially given the FHA loan limits.

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.