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Cook County FHA Loan Calculator

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

Loan Details

Cook County, IL Benchmarks

FHA averages
Typical Property Value$310,891
Average Down Payment9.9%
Average Interest Rate6.488%
Effective Tax Rate1.73%
Median Tax Paid$6,191/yr
Tax Growth (Historical)-0.8%
Based on 11,505 regional loans totaling $3,144,105,000 (HMDA database).
$
%

$30,778 down · $280,113 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$448 / month

$

Annual premium

$

Per month

%

$119 / month

Estimated Monthly Payment

$2,517/mo

  • Principal & Interest$1,800
  • Property Tax$448
  • Home Insurance$150
  • FHA MIP$119
Amortization · Remaining Balance

Financed Loan Amount

$285,015

Total Interest

$362,846

Total of Payments

$647,861

*Includes financed FHA Upfront MIP of $4,902

Local Market Insights

Cook County FHA Mortgage Overview

For Cook County homebuyers using an FHA loan, the 9.94% average down payment and 90.06% loan-to-value ratio provide accessible entry, but mandatory Mortgage Insurance Premiums (MIP) apply for the loan’s life regardless of equity. The 1.73% effective property tax rate, with a recent -0.8% inflation-adjusted decline, slightly eases monthly costs. This data reflects 100% primary occupancy, not investments. When evaluating an FHA loan down payment in Cook County, Illinois, remember MIP is permanent, making this ideal for buyers with sub-620 credit. The average property value of $310,890.79 and 6.488% rate, combined with Cook County FHA loan limits, highlight affordability despite ongoing PMI and tax impacts.

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.