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Savage FHA Mortgage Calculator

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

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Est. Total Monthly Cost
$3,884
P&I Payment$2,773
Taxes & Ins$707
Utilities$202
Also calculate:Conventional CalculatorVA Calculator

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Mortgage Details

$446,854
Local Median: $446,854
$15,640 (3.5%)
%

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

Local Area Costs

Mortgage Insurance (MIP)$201/mo
Upfront MIP (UFMIP) (financed)$7,546

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)
$15,640
3.5% of price
Upfront MIP (UFMIP)
$7,546
1.75% · financed into loan
Financed loan amount
$438,760
incl. UFMIP
Monthly$3,884

Monthly Breakdown

Principal & Interest
$2,773
Property Taxes
$366
Homeowners Ins.
$341
Mortgage Insurance (MIP)
$201
Utilities
$202

Amortization Schedule

Loan balance and total interest paid over 30 years.

Total Interest
$559,614

Local Housing Facts for Savage

  • ·Median home value: $446,854 (adjusted for current market conditions)
  • ·Est. property taxes: $4,392/yr — pre-loaded from county assessment data
  • ·Homeowners insurance (HO-3): $4,095/yr — based on local per-$1K premium rates
  • ·Energy utilities: $2,426/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 Savage, MN?

An FHA buyer in Savage, MN borrowing $431,214 (with 3.5% down on a median $446,854 home) pays an upfront mortgage insurance premium (MIP) of $7,546 — 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 $438,760.

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

For a typical FHA loan in Savage, MN with a base loan amount of $431,214, the annual MIP rate is 0.55% — adding approximately $198/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 Savage, 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 Savage, MN putting 3.5% down, this means ongoing monthly MIP payments of approximately $198/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 Savage, MN?

The 2025 FHA loan limit for Savage, MN is $552,000 for a 1-unit property. A typical buyer purchasing the median-priced home here (approximately $446,854) with 3.5% down would have a base loan amount of approximately $431,214, 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 Savage, MN?

Beyond principal and interest, FHA buyers in Savage, MN with a median $446,854 home can expect approximately $4,392/yr in property taxes, $4,095/yr for homeowners insurance, $2,426/yr in energy utilities, and $198/mo in FHA mortgage insurance (MIP). Together, these non-P&I costs add approximately $1,107/month to the required payment in Savage, MN.