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Peoria County FHA Loan Calculator

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

Loan Details

Peoria County, IL Benchmarks

FHA averages
Typical Property Value$167,321
Average Down Payment9.9%
Average Interest Rate6.593%
Effective Tax Rate2.15%
Median Tax Paid$3,552/yr
Tax Growth (Historical)+0.9%
Based on 474 regional loans totaling $69,980,000 (HMDA database).
$
%

$16,565 down · $150,756 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$300 / month

$

Annual premium

$

Per month

%

$64 / month

Estimated Monthly Payment

$1,492/mo

  • Principal & Interest$979
  • Property Tax$300
  • Home Insurance$150
  • FHA MIP$64
Amortization · Remaining Balance

Financed Loan Amount

$153,394

Total Interest

$198,921

Total of Payments

$352,316

*Includes financed FHA Upfront MIP of $2,638

Local Market Insights

Peoria County FHA Mortgage Overview

Peoria County’s FHA data reveals a market geared toward accessible entry. The 9.89% weighted down payment and 90.11% LTV ratio allow buyers to purchase with minimal cash, but FHA mandates Mortgage Insurance Premiums (MIP) for the loan’s life—ideal for those with sub-620 credit. The 2.15% effective property tax rate, adjusted upward by 0.9% for inflation, adds roughly $300 annually to true monthly affordability. For those exploring Peoria County FHA loan limits and tax scenarios, this combination of low down payment and permanent MIP requires factoring the full tax burden into monthly budgeting.

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.