Ham Lake FHA Mortgage Calculator

An FHA buyer in Ham Lake, MN borrowing $418,344 (with 3.5% down on a median $433,517 home) pays an upfront mortgage insurance premium (MIP) of $7,321 — equal to 1.75% of the base loan amount. This upfront MIP is typically financed into the loan balance rather than paid at closing, increasing the total loan amount to approximately $425,665.

For a typical FHA loan in Ham Lake, MN with a base loan amount of $418,344, the annual MIP rate is 0.55% — adding approximately $192/month to the required payment. This monthly MIP is separate from principal, interest, property taxes, and homeowners insurance.

Unlike conventional PMI — which automatically cancels at 80% LTV under the Homeowners Protection Act — FHA annual MIP on loans with less than 10% down does not fall off. For FHA buyers in Ham Lake, MN putting 3.5% down, this means ongoing monthly MIP payments of approximately $192/month for the life of the loan. To eliminate MIP, borrowers must refinance into a conventional loan once they reach 20% equity, or put 10%+ down at origination (MIP then cancels after 11 years).

The 2025 FHA loan limit for Ham Lake, MN is $552,000 for a 1-unit property. A typical buyer purchasing the median-priced home here (approximately $433,517) with 3.5% down would have a base loan amount of approximately $418,344, which falls within the local FHA limit — making FHA financing an accessible option for eligible buyers.

Beyond principal and interest, FHA buyers in Ham Lake, MN with a median $433,517 home can expect approximately $3,457/yr in property taxes, $1,934/yr for homeowners insurance, $2,444/yr in energy utilities, and $192/mo in FHA mortgage insurance (MIP). Together, these non-P&I costs add approximately $845/month to the required payment in Ham Lake, MN.