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Madison County FHA Loan Calculator

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

Loan Details

Madison County, IL Benchmarks

FHA averages
Typical Property Value$194,954
Average Down Payment10.6%
Average Interest Rate6.489%
Effective Tax Rate1.79%
Median Tax Paid$3,319/yr
Tax Growth (Historical)-0.4%
Based on 1,077 regional loans totaling $181,735,000 (HMDA database).
$
%

$20,665 down · $174,289 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$291 / month

$

Annual premium

$

Per month

%

$74 / month

Estimated Monthly Payment

$1,634/mo

  • Principal & Interest$1,120
  • Property Tax$291
  • Home Insurance$150
  • FHA MIP$74
Amortization · Remaining Balance

Financed Loan Amount

$177,339

Total Interest

$225,766

Total of Payments

$403,105

*Includes financed FHA Upfront MIP of $3,050

Local Market Insights

Madison County FHA Mortgage Overview

For Madison County homebuyers, the 10.62% average down payment on an FHA loan provides accessible entry, but note that mandatory Mortgage Insurance Premiums (MIP) apply for the loan’s life, regardless of this equity level. With an 89.38% loan-to-value ratio, this data reflects 100% owner-occupied purchases. The effective property tax rate of 1.79% on a $194,954 average value adds roughly $291 monthly to housing costs, though a recent -0.4% inflation-adjusted tax shift offers slight relief. When evaluating an FHA loan with PMI and taxes in Madison County, IL, understanding these fixed MIP costs is key to true affordability.

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.