Mortgage Data Labs

Programmatic SEO Local County Calculator

Home>Illinois>Monroe County (FHA)

Monroe County FHA Loan Calculator

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

Loan Details

Monroe County, IL Benchmarks

FHA averages
Typical Property Value$280,270
Average Down Payment12.4%
Average Interest Rate6.330%
Effective Tax Rate1.46%
Median Tax Paid$4,588/yr
Tax Growth (Historical)-1.6%
Based on 74 regional loans totaling $17,920,000 (HMDA database).
$
%

$34,753 down · $245,517 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$341 / month

$

Annual premium

$

Per month

%

$104 / month

Estimated Monthly Payment

$2,146/mo

  • Principal & Interest$1,551
  • Property Tax$341
  • Home Insurance$150
  • FHA MIP$104
Amortization · Remaining Balance

Financed Loan Amount

$249,813

Total Interest

$308,606

Total of Payments

$558,419

*Includes financed FHA Upfront MIP of $4,297

Local Market Insights

Monroe County FHA Mortgage Overview

For Monroe County homebuyers using an FHA loan, the 12.45% average down payment and 87.55% loan-to-value ratio provide accessible entry. However, mandatory Mortgage Insurance Premiums (MIP) remain for the loan's life, even with this down payment, making it ideal for lower-credit buyers. The 1.46% effective property tax rate, with a recent -1.6% inflation-adjusted decline, slightly eases monthly affordability. When evaluating an FHA loan with PMI and taxes in Monroe County, IL, or Monroe County FHA loan limits and tax impacts, remember that MIP is permanent. All loans here are for primary residences, reflecting standard owner-occupied purchases.

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.