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Rock Island County FHA Loan Calculator

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

Loan Details

Rock Island County, IL Benchmarks

FHA averages
Typical Property Value$167,436
Average Down Payment7.5%
Average Interest Rate6.538%
Effective Tax Rate2.13%
Median Tax Paid$3,425/yr
Tax Growth (Historical)-1.5%
Based on 472 regional loans totaling $72,130,000 (HMDA database).
$
%

$12,558 down · $154,878 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$297 / month

$

Annual premium

$

Per month

%

$66 / month

Estimated Monthly Payment

$1,513/mo

  • Principal & Interest$1,000
  • Property Tax$297
  • Home Insurance$150
  • FHA MIP$66
Amortization · Remaining Balance

Financed Loan Amount

$157,589

Total Interest

$202,489

Total of Payments

$360,078

*Includes financed FHA Upfront MIP of $2,710

Local Market Insights

Rock Island County FHA Mortgage Overview

In Rock Island County, the 7.46% average down payment on FHA loans provides accessible entry, but the mandatory Mortgage Insurance Premium (MIP) applies for the loan’s life regardless of equity. The 92.54% Loan-to-Value (LTV) ratio confirms this is an owner-occupied market, ideal for buyers with sub-620 credit scores seeking a low barrier to entry. The effective property tax rate of 2.13% is significant, though the -1.5% inflation-adjusted tax change offers slight relief. When evaluating the true monthly affordability for a Rock Island County FHA mortgage with property taxes, this tax reduction helps offset the MIP cost. For those using a tool to estimate FHA loan limits and tax impacts, remember that MIP is permanent, making long-term budgeting crucial.

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.