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Clay County FHA Loan Calculator

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

Loan Details

Clay County, TN Benchmarks

FHA averages
Typical Property Value$327,632
Average Down Payment18.0%
Average Interest Rate6.202%
Effective Tax Rate0.42%
Median Tax Paid$769/yr
Tax Growth (Historical)-11.3%
Based on 19 regional loans totaling $4,575,000 (HMDA database).
$
%

$58,974 down · $268,658 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$115 / month

$

Annual premium

$

Per month

%

$114 / month

Estimated Monthly Payment

$2,053/mo

  • Principal & Interest$1,674
  • Property Tax$115
  • Home Insurance$150
  • FHA MIP$114
Amortization · Remaining Balance

Financed Loan Amount

$273,360

Total Interest

$329,368

Total of Payments

$602,728

*Includes financed FHA Upfront MIP of $4,702

Local Market Insights

Clay County FHA Mortgage Overview

For Clay County homebuyers weighing an FHA loan, the average 17.96% down payment on a $327,632 property provides accessible entry, yet requires mandatory Mortgage Insurance Premiums (MIP) for the loan's life due to the 82.04% loan-to-value ratio, making this ideal for those with sub-620 credit. The 0.42% effective property tax rate, with an inflation-adjusted decline of -11.3%, reduces monthly costs. When evaluating an FHA loan down payment in Clay County, Tennessee, note that property taxes and MIP significantly shape true affordability, especially given the 100% primary occupancy rate.

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.