Westbrook-Walnut Grove Schools FHA Mortgage Calculator

An FHA buyer in Westbrook-Walnut Grove Schools, MN borrowing $159,696 (with 3.5% down on a median $165,488 home) pays an upfront mortgage insurance premium (MIP) of $2,795 — 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 $162,491.

For a typical FHA loan in Westbrook-Walnut Grove Schools, MN with a base loan amount of $159,696, the annual MIP rate is 0.55% — adding approximately $73/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 Westbrook-Walnut Grove Schools, MN putting 3.5% down, this means ongoing monthly MIP payments of approximately $73/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 Westbrook-Walnut Grove Schools, MN is $541,287 for a 1-unit property. A typical buyer purchasing the median-priced home here (approximately $165,488) with 3.5% down would have a base loan amount of approximately $159,696, which falls within the local FHA limit — making FHA financing an accessible option for eligible buyers.

Beyond principal and interest, FHA buyers in Westbrook-Walnut Grove Schools, MN with a median $165,488 home can expect approximately $1,539/yr in property taxes, $1,184/yr for homeowners insurance, $4,157/yr in energy utilities, and $73/mo in FHA mortgage insurance (MIP). Together, these non-P&I costs add approximately $646/month to the required payment in Westbrook-Walnut Grove Schools, MN.