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Mound FHA Mortgage Calculator

Estimate your true cost of homeownership in Mound with localized property taxes, insurance, and utility data.

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Est. Total Monthly Cost
$3,342
P&I Payment$2,482
Taxes & Ins$463
Utilities$218
Also calculate:Conventional CalculatorVA Calculator

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Mortgage Details

$399,848
Local Median: $399,848
$13,995 (3.5%)
%

Used with your down payment to fetch a live, scenario-specific rate.

Local Area Costs

Mortgage Insurance (MIP)$180/mo
Upfront MIP (UFMIP) (financed)$6,752

FHA charges MIP regardless of down payment; UFMIP is financed into the loan.

Upfront costs

One-time costs to open your FHA loan.

Down payment (cash)
$13,995
3.5% of price
Upfront MIP (UFMIP)
$6,752
1.75% · financed into loan
Financed loan amount
$392,605
incl. UFMIP
Monthly$3,342

Monthly Breakdown

Principal & Interest
$2,482
Property Taxes
$301
Homeowners Ins.
$162
Mortgage Insurance (MIP)
$180
Utilities
$218

Amortization Schedule

Loan balance and total interest paid over 30 years.

Total Interest
$500,746

Local Housing Facts for Mound

  • ·Median home value: $399,848 (adjusted for current market conditions)
  • ·Est. property taxes: $3,616/yr — pre-loaded from county assessment data
  • ·Homeowners insurance (HO-3): $1,940/yr — based on local per-$1K premium rates
  • ·Energy utilities: $2,616/yr — sourced from DOE LEAD survey data
  • ·Flood insurance: optional — toggled off by default, estimate based on FEMA risk profile

Frequently Asked Questions

What is the FHA upfront mortgage insurance premium (MIP) for a home in Mound, MN?

An FHA buyer in Mound, MN borrowing $385,853 (with 3.5% down on a median $399,848 home) pays an upfront mortgage insurance premium (MIP) of $6,752 — 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 $392,605.

How much is the monthly FHA mortgage insurance in Mound, MN?

For a typical FHA loan in Mound, MN with a base loan amount of $385,853, the annual MIP rate is 0.55% — adding approximately $177/month to the required payment. This monthly MIP is separate from principal, interest, property taxes, and homeowners insurance.

Does FHA mortgage insurance go away in Mound, MN?

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 Mound, MN putting 3.5% down, this means ongoing monthly MIP payments of approximately $177/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).

Am I eligible for FHA financing in Mound, MN?

The 2025 FHA loan limit for Mound, MN is $552,000 for a 1-unit property. A typical buyer purchasing the median-priced home here (approximately $399,848) with 3.5% down would have a base loan amount of approximately $385,853, which falls within the local FHA limit — making FHA financing an accessible option for eligible buyers.

What is the true all-in monthly cost of owning an FHA-financed home in Mound, MN?

Beyond principal and interest, FHA buyers in Mound, MN with a median $399,848 home can expect approximately $3,616/yr in property taxes, $1,940/yr for homeowners insurance, $2,616/yr in energy utilities, and $177/mo in FHA mortgage insurance (MIP). Together, these non-P&I costs add approximately $858/month to the required payment in Mound, MN.