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Pike County FHA Loan Calculator

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

Loan Details

Pike County, IL Benchmarks

FHA averages
Typical Property Value$155,000
Average Down Payment13.3%
Average Interest Rate6.540%
Effective Tax Rate1.42%
Median Tax Paid$1,556/yr
Tax Growth (Historical)-3.1%
Based on 31 regional loans totaling $4,155,000 (HMDA database).
$
%

$20,615 down · $134,385 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$183 / month

$

Annual premium

$

Per month

%

$57 / month

Estimated Monthly Payment

$1,258/mo

  • Principal & Interest$868
  • Property Tax$183
  • Home Insurance$150
  • FHA MIP$57
Amortization · Remaining Balance

Financed Loan Amount

$136,737

Total Interest

$175,696

Total of Payments

$312,433

*Includes financed FHA Upfront MIP of $2,352

Local Market Insights

Pike County FHA Mortgage Overview

For Pike County homebuyers, an FHA loan with a 13.27% down payment offers accessible entry, but note that mandatory Mortgage Insurance Premiums (MIP) apply for the loan’s life regardless of equity, as shown by the 86.73% LTV ratio. This data reflects 100% owner-occupied purchases, ideal for those with sub-620 credit scores. The effective property tax rate of 1.42% on a $155,000 property is significant, yet the recent inflation-adjusted tax change of -3.1% slightly eases monthly affordability. When evaluating an FHA loan down payment with PMI and taxes in Pike County, IL, these tax dynamics are crucial for true cost projections.

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.