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Champaign County FHA Loan Calculator

Adjust the sliders to model your loan in real time. We have prefilled this page with local benchmark averages for Champaign County, Illinois based on real HMDA transaction records.

Loan Details

Champaign County, IL Benchmarks

FHA averages
Typical Property Value$222,432
Average Down Payment10.3%
Average Interest Rate6.550%
Effective Tax Rate2.04%
Median Tax Paid$4,353/yr
Tax Growth (Historical)-0.5%
Based on 366 regional loans totaling $71,780,000 (HMDA database).
$
%

$22,910 down · $199,522 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$378 / month

$

Annual premium

$

Per month

%

$85 / month

Estimated Monthly Payment

$1,903/mo

  • Principal & Interest$1,290
  • Property Tax$378
  • Home Insurance$150
  • FHA MIP$85
Amortization · Remaining Balance

Financed Loan Amount

$203,013

Total Interest

$261,338

Total of Payments

$464,351

*Includes financed FHA Upfront MIP of $3,492

Local Market Insights

Champaign County FHA Mortgage Overview

In Champaign County, the 10.26% down payment on an FHA loan at 6.55% interest provides an accessible entry point for first-time buyers. However, with an 89.74% loan-to-value ratio, mandatory Mortgage Insurance Premiums (MIP) are required for the life of the loan, making this ideal for those with sub-620 credit scores. The 2.04% effective property tax rate and recent -0.5% inflation-adjusted tax change slightly reduce monthly burden. When evaluating an FHA loan with PMI and taxes in Champaign County, IL, note that these true costs, including Champaign County FHA loan limits, must be factored into your affordability analysis for this 100% owner-occupied market.

Disclaimer: This calculator provides estimates for educational purposes only and does not constitute a loan offer or financial advice. Actual rates, taxes, insurance, and fees will vary.