Otego-Unadilla FHA Mortgage Calculator

An FHA buyer in Otego-Unadilla, NY borrowing $165,273 (with 3.5% down on a median $171,267 home) pays an upfront mortgage insurance premium (MIP) of $2,892 — 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 $168,165.

For a typical FHA loan in Otego-Unadilla, NY with a base loan amount of $165,273, the annual MIP rate is 0.55% — adding approximately $76/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 Otego-Unadilla, NY putting 3.5% down, this means ongoing monthly MIP payments of approximately $76/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 Otego-Unadilla, NY is $541,287 for a 1-unit property. A typical buyer purchasing the median-priced home here (approximately $171,267) with 3.5% down would have a base loan amount of approximately $165,273, which falls within the local FHA limit — making FHA financing an accessible option for eligible buyers.

Beyond principal and interest, FHA buyers in Otego-Unadilla, NY with a median $171,267 home can expect approximately $2,739/yr in property taxes, $766/yr for homeowners insurance, $2,149/yr in energy utilities, and $76/mo in FHA mortgage insurance (MIP). Together, these non-P&I costs add approximately $547/month to the required payment in Otego-Unadilla, NY.