Staunton FHA Mortgage Calculator

An FHA buyer in Staunton, VA borrowing $303,785 (with 3.5% down on a median $314,803 home) pays an upfront mortgage insurance premium (MIP) of $5,316 — 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 $309,101.

For a typical FHA loan in Staunton, VA with a base loan amount of $303,785, the annual MIP rate is 0.55% — adding approximately $139/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 Staunton, VA putting 3.5% down, this means ongoing monthly MIP payments of approximately $139/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 Staunton, VA is $541,287 for a 1-unit property. A typical buyer purchasing the median-priced home here (approximately $314,803) with 3.5% down would have a base loan amount of approximately $303,785, which falls within the local FHA limit — making FHA financing an accessible option for eligible buyers.

Beyond principal and interest, FHA buyers in Staunton, VA with a median $314,803 home can expect approximately $1,866/yr in property taxes, $772/yr for homeowners insurance, $2,289/yr in energy utilities, and $139/mo in FHA mortgage insurance (MIP). Together, these non-P&I costs add approximately $550/month to the required payment in Staunton, VA.