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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, Tennessee based on real HMDA transaction records.

Loan Details

Wayne County, TN Benchmarks

FHA averages
Typical Property Value$233,966
Average Down Payment12.2%
Average Interest Rate6.330%
Effective Tax Rate0.39%
Median Tax Paid$635/yr
Tax Growth (Historical)-9.8%
Based on 58 regional loans totaling $11,740,000 (HMDA database).
$
%

$28,544 down · $205,422 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$76 / month

$

Annual premium

$

Per month

%

$87 / month

Estimated Monthly Payment

$1,611/mo

  • Principal & Interest$1,298
  • Property Tax$76
  • Home Insurance$150
  • FHA MIP$87
Amortization · Remaining Balance

Financed Loan Amount

$209,017

Total Interest

$258,209

Total of Payments

$467,226

*Includes financed FHA Upfront MIP of $3,595

Local Market Insights

Wayne County FHA Mortgage Overview

In Wayne County, the average FHA borrower puts 12.17% down on a $233,966 property. This low entry point is accessible, but unlike conventional loans, FHA requires Mortgage Insurance Premiums (MIP) for the life of the loan regardless of equity. The 87.83% median loan-to-value confirms this is a standard owner-occupied purchase, not an investment. With an effective tax rate of just 0.39% and a recent -9.8% inflation-adjusted tax decrease, monthly affordability is enhanced. When evaluating an FHA loan down payment strategy in Wayne County, Tennessee, remember that property taxes and mandatory MIP are permanent fixtures in your monthly payment.

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.