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McLean County FHA Loan Calculator

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

Loan Details

McLean County, IL Benchmarks

FHA averages
Typical Property Value$231,595
Average Down Payment11.0%
Average Interest Rate6.458%
Effective Tax Rate2.11%
Median Tax Paid$4,524/yr
Tax Growth (Historical)-2.5%
Based on 279 regional loans totaling $56,305,000 (HMDA database).
$
%

$25,475 down · $206,120 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$407 / month

$

Annual premium

$

Per month

%

$87 / month

Estimated Monthly Payment

$1,965/mo

  • Principal & Interest$1,320
  • Property Tax$407
  • Home Insurance$150
  • FHA MIP$87
Amortization · Remaining Balance

Financed Loan Amount

$209,727

Total Interest

$265,510

Total of Payments

$475,237

*Includes financed FHA Upfront MIP of $3,607

Local Market Insights

McLean County FHA Mortgage Overview

In McLean County, the 11.04% average down payment on FHA loans offers accessible entry, but mandatory Mortgage Insurance Premiums (MIP) apply for the loan’s life regardless of equity. With a high 88.96% Loan-to-Value ratio, this data confirms 100% owner-occupied purchases, not investments. The 2.11% effective property tax rate, recently adjusted down by 2.5% for inflation, eases monthly costs. For an FHA loan down payment analysis with PMI and taxes in McLean County, IL, these factors define true affordability. Buyers exploring McLean County FHA mortgage options with property taxes should note the 6.458% average interest rate on a $231,595 property.

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.