Hamlin County FHA Loan Calculator

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

Loan Details

US County (Smart Autofill)

Loan Type

Hamlin County, SD Benchmarks

FHA averages

Typical Property Value$247,000

Average Down Payment8.1%

Average Interest Rate6.204%

Effective Tax Rate1.02%

Median Tax Paid$2,313/yr

Tax Growth (Historical)-0.9%

Based on 35 regional loans totaling $7,455,000 (HMDA database).

Home Price

Down Payment

$20,007 down · $226,993 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

$210 / month

Home Insurance

Annual premium

HOA Dues

Per month

PMI Rate

$96 / month

Estimated Monthly Payment

$1,871/mo

Principal & Interest$1,415
Property Tax$210
Home Insurance$150
FHA MIP$96

Amortization · Remaining Balance

Financed Loan Amount

$230,965

Total Interest

$278,287

Total of Payments

$509,253

*Includes financed FHA Upfront MIP of $3,972

Local Market Insights

Hamlin County FHA Mortgage Overview

For Hamlin County homebuyers, the 8.13% down payment on an FHA loan provides accessible entry, but requires mandatory Mortgage Insurance Premiums (MIP) for the life of the loan, regardless of equity. The 91.87% Loan-to-Value (LTV) ratio confirms this is a low-down-payment market ideal for buyers with a sub-620 credit score. The effective property tax rate of 1.02% on a $247,000 average value, combined with a -0.9% inflation-adjusted tax decrease, slightly improves monthly affordability. When evaluating an FHA loan with PMI and taxes in Hamlin County, SD, these tax savings help offset MIP costs for primary residences.

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.