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Mercer County FHA Loan Calculator

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

Loan Details

Mercer County, OH Benchmarks

FHA averages
Typical Property Value$203,615
Average Down Payment15.3%
Average Interest Rate6.529%
Effective Tax Rate0.98%
Median Tax Paid$2,325/yr
Tax Growth (Historical)+0.3%
Based on 65 regional loans totaling $10,965,000 (HMDA database).
$
%

$31,153 down · $172,462 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$166 / month

$

Annual premium

$

Per month

%

$73 / month

Estimated Monthly Payment

$1,502/mo

  • Principal & Interest$1,113
  • Property Tax$166
  • Home Insurance$150
  • FHA MIP$73
Amortization · Remaining Balance

Financed Loan Amount

$175,480

Total Interest

$225,062

Total of Payments

$400,542

*Includes financed FHA Upfront MIP of $3,018

Local Market Insights

Mercer County FHA Mortgage Overview

In Mercer County, the average FHA borrower puts 15.33% down on a $203,615 home, providing accessible entry despite an 84.67% LTV ratio. However, FHA mortgage insurance premiums (MIP) are mandatory for the life of the loan, unlike conventional loans where 20% equity cancels PMI. This makes FHA ideal for buyers with sub-620 credit. The effective property tax rate is 0.98%, with a recent 0.3% inflation-adjusted increase, adding roughly $600 annually to true monthly costs. For FHA loan down payment and tax scenarios in Mercer County, OH, understanding these MIP and tax impacts is critical for long-term affordability.

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.