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Gallatin County FHA Loan Calculator

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

Loan Details

Gallatin County, IL Benchmarks

FHA averages
Typical Property Value$92,692
Average Down Payment6.4%
Average Interest Rate6.685%
Effective Tax Rate1.39%
Median Tax Paid$1,305/yr
Tax Growth (Historical)-0.8%
Based on 13 regional loans totaling $1,135,000 (HMDA database).
$
%

$5,932 down · $86,760 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$107 / month

$

Annual premium

$

Per month

%

$37 / month

Estimated Monthly Payment

$863/mo

  • Principal & Interest$568
  • Property Tax$107
  • Home Insurance$150
  • FHA MIP$37
Amortization · Remaining Balance

Financed Loan Amount

$88,278

Total Interest

$116,370

Total of Payments

$204,648

*Includes financed FHA Upfront MIP of $1,518

Local Market Insights

Gallatin County FHA Mortgage Overview

In Gallatin County, the 6.39% weighted average down payment on an FHA loan provides accessible entry, but requires mandatory Mortgage Insurance Premiums (MIP) for the life of the loan—ideal for buyers with sub-620 credit. With a 93.61% median loan-to-value (LTV) ratio and 100% primary occupancy, this market favors owner-occupants. The 1.39% effective property tax rate, combined with a -0.8% inflation-adjusted tax change, slightly reduces monthly burden. When evaluating an FHA loan with PMI and taxes in Gallatin County, IL, or using an FHA loan down payment tool, note that the low property value ($92,692) keeps payments manageable despite the 6.685% interest rate.

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.