Waterford FHA Mortgage Calculator

An FHA buyer in Waterford, NY borrowing $188,476 (with 3.5% down on a median $195,312 home) pays an upfront mortgage insurance premium (MIP) of $3,298 — 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 $191,774.

For a typical FHA loan in Waterford, NY with a base loan amount of $188,476, the annual MIP rate is 0.55% — adding approximately $86/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 Waterford, NY putting 3.5% down, this means ongoing monthly MIP payments of approximately $86/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 Waterford, NY is $541,287 for a 1-unit property. A typical buyer purchasing the median-priced home here (approximately $195,312) with 3.5% down would have a base loan amount of approximately $188,476, which falls within the local FHA limit — making FHA financing an accessible option for eligible buyers.

Beyond principal and interest, FHA buyers in Waterford, NY with a median $195,312 home can expect approximately $3,534/yr in property taxes, $867/yr for homeowners insurance, $2,469/yr in energy utilities, and $86/mo in FHA mortgage insurance (MIP). Together, these non-P&I costs add approximately $659/month to the required payment in Waterford, NY.