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Portsmouth City FHA Loan Calculator

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

Loan Details

Portsmouth city, VA Benchmarks

FHA averages
Typical Property Value$279,783
Average Down Payment7.7%
Average Interest Rate6.342%
Effective Tax Rate0.95%
Median Tax Paid$2,557/yr
Tax Growth (Historical)+1.2%
Based on 693 regional loans totaling $172,885,000 (HMDA database).
$
%

$21,543 down · $258,240 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$221 / month

$

Annual premium

$

Per month

%

$109 / month

Estimated Monthly Payment

$2,114/mo

  • Principal & Interest$1,633
  • Property Tax$221
  • Home Insurance$150
  • FHA MIP$109
Amortization · Remaining Balance

Financed Loan Amount

$262,759

Total Interest

$325,216

Total of Payments

$587,975

*Includes financed FHA Upfront MIP of $4,519

Local Market Insights

Portsmouth city FHA Mortgage Overview

In Portsmouth city, the 7.67% average down payment with an FHA loan provides accessible entry, but mandatory Mortgage Insurance Premiums (MIP) apply for the loan's life due to the 92.33% loan-to-value ratio. This MIP, alongside the 0.95% property tax rate and a 1.2% inflation-adjusted tax increase, directly impacts monthly affordability. For a $279,783 property at 6.342%, an FHA loan down payment analysis in Portsmouth city, VA, reveals that this structure is ideal for primary residence buyers with sub-620 credit, though total housing costs will be higher than the interest rate alone suggests.

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.