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Scanlon FHA Mortgage Calculator

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

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Est. Total Monthly Cost
$2,082
P&I Payment$1,497
Taxes & Ins$311
Utilities$166
Also calculate:Conventional CalculatorVA Calculator

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Mortgage Details

$241,283
Local Median: $241,283
$8,445 (3.5%)
%

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

Local Area Costs

Mortgage Insurance (MIP)$109/mo
Upfront MIP (UFMIP) (financed)$4,075

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)
$8,445
3.5% of price
Upfront MIP (UFMIP)
$4,075
1.75% · financed into loan
Financed loan amount
$236,913
incl. UFMIP
Monthly$2,082

Monthly Breakdown

Principal & Interest
$1,497
Property Taxes
$256
Homeowners Ins.
$54
Mortgage Insurance (MIP)
$109
Utilities
$166

Amortization Schedule

Loan balance and total interest paid over 30 years.

Total Interest
$302,170

Local Housing Facts for Scanlon

  • ·Median home value: $241,283 (adjusted for current market conditions)
  • ·Est. property taxes: $3,076/yr — pre-loaded from county assessment data
  • ·Homeowners insurance (HO-3): $652/yr — based on local per-$1K premium rates
  • ·Energy utilities: $1,988/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 Scanlon, MN?

An FHA buyer in Scanlon, MN borrowing $232,838 (with 3.5% down on a median $241,283 home) pays an upfront mortgage insurance premium (MIP) of $4,075 — 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 $236,913.

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

For a typical FHA loan in Scanlon, MN with a base loan amount of $232,838, the annual MIP rate is 0.55% — adding approximately $107/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 Scanlon, 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 Scanlon, MN putting 3.5% down, this means ongoing monthly MIP payments of approximately $107/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 Scanlon, MN?

The 2025 FHA loan limit for Scanlon, MN is $541,287 for a 1-unit property. A typical buyer purchasing the median-priced home here (approximately $241,283) with 3.5% down would have a base loan amount of approximately $232,838, 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 Scanlon, MN?

Beyond principal and interest, FHA buyers in Scanlon, MN with a median $241,283 home can expect approximately $3,076/yr in property taxes, $652/yr for homeowners insurance, $1,988/yr in energy utilities, and $107/mo in FHA mortgage insurance (MIP). Together, these non-P&I costs add approximately $583/month to the required payment in Scanlon, MN.