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Isle of Wight County FHA Loan Calculator

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

Loan Details

Isle of Wight County, VA Benchmarks

FHA averages
Typical Property Value$388,390
Average Down Payment11.9%
Average Interest Rate6.267%
Effective Tax Rate0.72%
Median Tax Paid$2,510/yr
Tax Growth (Historical)+1.5%
Based on 177 regional loans totaling $59,455,000 (HMDA database).
$
%

$46,218 down · $342,172 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$233 / month

$

Annual premium

$

Per month

%

$145 / month

Estimated Monthly Payment

$2,676/mo

  • Principal & Interest$2,148
  • Property Tax$233
  • Home Insurance$150
  • FHA MIP$145
Amortization · Remaining Balance

Financed Loan Amount

$348,160

Total Interest

$425,196

Total of Payments

$773,355

*Includes financed FHA Upfront MIP of $5,988

Local Market Insights

Isle of Wight County FHA Mortgage Overview

For Isle of Wight County homebuyers using an FHA loan, the 11.92% down payment on a $388,390 property offers accessible entry, though mandatory Mortgage Insurance Premiums (MIP) apply for the loan’s life regardless of equity. The 88.08% loan-to-value ratio reinforces this, making FHA ideal for those with sub-620 credit scores. The effective property tax rate of 0.72% and a 1.5% inflation-adjusted increase add roughly $58 monthly to true affordability. When evaluating an Isle of Wight County FHA mortgage with property taxes, this data helps you understand your monthly commitment 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.