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Albemarle County FHA Loan Calculator

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

Loan Details

Albemarle County, VA Benchmarks

FHA averages
Typical Property Value$401,429
Average Down Payment15.3%
Average Interest Rate6.309%
Effective Tax Rate0.73%
Median Tax Paid$3,719/yr
Tax Growth (Historical)+3.6%
Based on 113 regional loans totaling $35,665,000 (HMDA database).
$
%

$61,419 down · $340,010 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$244 / month

$

Annual premium

$

Per month

%

$144 / month

Estimated Monthly Payment

$2,682/mo

  • Principal & Interest$2,144
  • Property Tax$244
  • Home Insurance$150
  • FHA MIP$144
Amortization · Remaining Balance

Financed Loan Amount

$345,961

Total Interest

$425,756

Total of Payments

$771,717

*Includes financed FHA Upfront MIP of $5,950

Local Market Insights

Albemarle County FHA Mortgage Overview

In Albemarle County, FHA buyers are leveraging a 15.33% down payment on an average $401,428 property, providing accessible entry. However, with an 84.67% loan-to-value ratio, the mandatory Mortgage Insurance Premium (MIP) is required for the loan’s life, a key consideration for those with sub-620 credit. The 0.73% effective tax rate, adjusted upward by 3.6% for inflation, adds roughly $292 annually, impacting monthly affordability. This data reflects standard owner-occupied purchases, not investments, making FHA a strategic choice for primary residence buyers in this market.

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.