Wayne County FHA Loan Calculator

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

Loan Details

US County (Smart Autofill)

Loan Type

Wayne County, IL Benchmarks

FHA averages

Typical Property Value$172,353

Average Down Payment14.0%

Average Interest Rate6.453%

Effective Tax Rate1.42%

Median Tax Paid$1,653/yr

Tax Growth (Historical)-4.0%

Based on 34 regional loans totaling $4,830,000 (HMDA database).

Home Price

Down Payment

$24,129 down · $148,224 financed

Interest Rate

Loan Term

yrs

Extra Monthly Principal

Paid directly to principal

Mortgage Start Date

Payoff estimated June 2056

Local & Recurring Costs

Property Tax Rate

$204 / month

Home Insurance

Annual premium

HOA Dues

Per month

PMI Rate

$63 / month

Estimated Monthly Payment

$1,365/mo

Principal & Interest$948
Property Tax$204
Home Insurance$150
FHA MIP$63

Amortization · Remaining Balance

Financed Loan Amount

$150,817

Total Interest

$190,576

Total of Payments

$341,394

*Includes financed FHA Upfront MIP of $2,594

Local Market Insights

Wayne County FHA Mortgage Overview

In Wayne County, the 14.02% average down payment on an FHA loan provides accessible entry, but mandatory Mortgage Insurance Premiums (MIP) apply for the loan's life, regardless of equity. With an 85.98% Loan-to-Value ratio and 100% owner-occupancy, this data reflects standard homebuyers. The 1.42% effective property tax rate, coupled with a recent -4.0% inflation-adjusted tax decrease, slightly improves monthly affordability for an FHA loan with PMI and taxes. For those exploring Wayne County FHA loan limits, this localized market offers stable, lower-cost entry.

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.