Patrick County FHA Loan Calculator

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

Loan Details

US County (Smart Autofill)

Loan Type

Patrick County, VA Benchmarks

FHA averages

Typical Property Value$227,154

Average Down Payment11.7%

Average Interest Rate6.361%

Effective Tax Rate0.58%

Median Tax Paid$845/yr

Tax Growth (Historical)-3.7%

Based on 65 regional loans totaling $12,445,000 (HMDA database).

Home Price

Down Payment

$26,577 down · $200,577 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

$110 / month

Home Insurance

Annual premium

HOA Dues

Per month

PMI Rate

$85 / month

Estimated Monthly Payment

$1,616/mo

Principal & Interest$1,271
Property Tax$110
Home Insurance$150
FHA MIP$85

Amortization · Remaining Balance

Financed Loan Amount

$204,087

Total Interest

$253,558

Total of Payments

$457,645

*Includes financed FHA Upfront MIP of $3,510

Local Market Insights

Patrick County FHA Mortgage Overview

For Patrick County homebuyers using an FHA loan, the 11.73% average down payment provides accessible entry, though mandatory Mortgage Insurance Premiums (MIP) apply for the loan’s life—ideal for those with sub-620 credit scores. The 88.27% loan-to-value ratio confirms this is standard, primary-residence buying. With an effective property tax rate of 0.58% and a recent inflation-adjusted drop of -3.7%, monthly carrying costs are slightly reduced. When evaluating an FHA loan with PMI and taxes in Patrick County, VA, or exploring down payment options in Patrick County, Virginia, the lower tax burden improves true affordability. Understanding Patrick County FHA loan limits and tax impacts helps buyers budget effectively.

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.