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Wayne County FHA Loan Calculator

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

Loan Details

Wayne County, OH Benchmarks

FHA averages
Typical Property Value$246,824
Average Down Payment12.8%
Average Interest Rate6.393%
Effective Tax Rate1.07%
Median Tax Paid$2,602/yr
Tax Growth (Historical)+2.7%
Based on 340 regional loans totaling $71,510,000 (HMDA database).
$
%

$31,593 down · $215,231 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$220 / month

$

Annual premium

$

Per month

%

$91 / month

Estimated Monthly Payment

$1,830/mo

  • Principal & Interest$1,368
  • Property Tax$220
  • Home Insurance$150
  • FHA MIP$91
Amortization · Remaining Balance

Financed Loan Amount

$218,997

Total Interest

$273,629

Total of Payments

$492,626

*Includes financed FHA Upfront MIP of $3,767

Local Market Insights

Wayne County FHA Mortgage Overview

For Wayne County homebuyers, the 12.76% average down payment on an FHA loan provides accessible entry, but note that mandatory Mortgage Insurance Premiums (MIP) apply for the loan’s life, regardless of equity buildup. With a median 87.24% loan-to-value ratio and 100% primary occupancy, this data reflects standard owner-occupied purchases. The 1.07% effective property tax rate, adjusted upward 2.7% for inflation, directly impacts monthly affordability. When evaluating an FHA loan with PMI and taxes in Wayne County, OH, or reviewing FHA loan limits and tax impacts, this 6.393% interest rate underscores the cost of leveraging lower down payments. For FHA loan down payment scenarios in Wayne County, Ohio, the MIP requirement makes this ideal for buyers with sub-620 credit scores.

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.