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Clay County FHA Loan Calculator

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

Loan Details

Clay County, IL Benchmarks

FHA averages
Typical Property Value$137,121
Average Down Payment6.7%
Average Interest Rate6.497%
Effective Tax Rate1.22%
Median Tax Paid$1,392/yr
Tax Growth (Historical)-11.3%
Based on 33 regional loans totaling $4,145,000 (HMDA database).
$
%

$9,187 down · $127,934 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$139 / month

$

Annual premium

$

Per month

%

$54 / month

Estimated Monthly Payment

$1,166/mo

  • Principal & Interest$823
  • Property Tax$139
  • Home Insurance$150
  • FHA MIP$54
Amortization · Remaining Balance

Financed Loan Amount

$130,173

Total Interest

$166,028

Total of Payments

$296,201

*Includes financed FHA Upfront MIP of $2,239

Local Market Insights

Clay County FHA Mortgage Overview

Clay County’s FHA market reveals accessible entry, with a 6.69% down payment on a $137k average property. This low barrier suits first-time buyers, but mandatory MIP applies for the loan’s life, regardless of equity. The 93.31% LTV ratio confirms minimal cash invested, ideal for sub-620 credit profiles. Property taxes at 1.22% are manageable, and the -11.3% inflation-adjusted tax shift provides slight monthly relief. When evaluating an FHA loan with PMI and taxes in Clay County, IL, these factors keep true affordability stable for owner-occupants.

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.