Somervell County FHA Loan Calculator

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

Loan Details

US County (Smart Autofill)

Loan Type

Somervell County, TX Benchmarks

FHA averages

Typical Property Value$368,750

Average Down Payment4.4%

Average Interest Rate6.319%

Effective Tax Rate0.65%

Median Tax Paid$2,634/yr

Tax Growth (Historical)+4.2%

Based on 24 regional loans totaling $8,390,000 (HMDA database).

Home Price

Down Payment

$16,225 down · $352,525 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

$200 / month

Home Insurance

Annual premium

HOA Dues

Per month

PMI Rate

$164 / month

Estimated Monthly Payment

$2,739/mo

Principal & Interest$2,225
Property Tax$200
Home Insurance$150
FHA MIP$164

Amortization · Remaining Balance

Financed Loan Amount

$358,694

Total Interest

$442,269

Total of Payments

$800,963

*Includes financed FHA Upfront MIP of $6,169

Local Market Insights

Somervell County FHA Mortgage Overview

In Somervell County, the 4.37% average down payment for FHA loans highlights accessible entry for owner-occupants, but mandates Mortgage Insurance Premiums (MIP) for the loan's life due to the 95.63% LTV. This structure is ideal for buyers with sub-620 credit seeking a primary residence. The effective property tax rate of 0.65%, with a 4.2% inflation-adjusted increase, adds ~$240 annually to true monthly affordability. When using a Somervell County FHA mortgage analysis with PMI and taxes, factor in this permanent MIP cost alongside the rising tax burden to gauge total housing expense.

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.