Suffolk City FHA Loan Calculator

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

Loan Details

US County (Smart Autofill)

Loan Type

Suffolk city, VA Benchmarks

FHA averages

Typical Property Value$366,604

Average Down Payment9.7%

Average Interest Rate6.235%

Effective Tax Rate0.87%

Median Tax Paid$3,229/yr

Tax Growth (Historical)+1.9%

Based on 586 regional loans totaling $190,540,000 (HMDA database).

Home Price

Down Payment

$35,561 down · $331,043 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

$266 / month

Home Insurance

Annual premium

HOA Dues

Per month

PMI Rate

$140 / month

Estimated Monthly Payment

$2,628/mo

Principal & Interest$2,072
Property Tax$266
Home Insurance$150
FHA MIP$140

Amortization · Remaining Balance

Financed Loan Amount

$336,837

Total Interest

$409,001

Total of Payments

$745,838

*Includes financed FHA Upfront MIP of $5,793

Local Market Insights

Suffolk city FHA Mortgage Overview

For Suffolk city homebuyers, the 9.74% average down payment on FHA loans provides accessible entry, but mandatory Mortgage Insurance Premiums (MIP) apply for the loan’s life due to the 90.26% median loan-to-value ratio. This data represents 100% primary residences, ideal for those with sub-620 credit. The effective property tax rate of 0.87%, with a 1.9% inflation-adjusted increase, directly impacts monthly affordability when using an FHA mortgage with property taxes. Understanding Suffolk city FHA loan limits and tax implications is crucial for accurate budgeting.

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.