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Cumberland County FHA Loan Calculator

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

Loan Details

Cumberland County, IL Benchmarks

FHA averages
Typical Property Value$165,769
Average Down Payment10.7%
Average Interest Rate6.682%
Effective Tax Rate1.26%
Median Tax Paid$2,004/yr
Tax Growth (Historical)-6.0%
Based on 26 regional loans totaling $3,720,000 (HMDA database).
$
%

$17,737 down · $148,032 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$174 / month

$

Annual premium

$

Per month

%

$63 / month

Estimated Monthly Payment

$1,357/mo

  • Principal & Interest$970
  • Property Tax$174
  • Home Insurance$150
  • FHA MIP$63
Amortization · Remaining Balance

Financed Loan Amount

$150,622

Total Interest

$198,554

Total of Payments

$349,177

*Includes financed FHA Upfront MIP of $2,591

Local Market Insights

Cumberland County FHA Mortgage Overview

For Cumberland County homebuyers, the FHA loan’s 10.72% average down payment offers accessible entry, but mandatory Mortgage Insurance Premiums (MIP) are required for the loan’s life regardless of the down payment size—ideal for those with sub-620 credit scores. The 89.28% loan-to-value (LTV) ratio confirms most buyers are purchasing with minimal equity, and the 100% primary occupancy rate underscores this is a market for owner-occupants, not investors.

With an effective property tax rate of 1.26% and a recent inflation-adjusted tax change of -6.0%, monthly affordability improves slightly for FHA borrowers using an FHA loan calculator with PMI and taxes in Cumberland County, IL. However, the 6.682% average interest rate means total housing costs remain elevated. For precise budgeting, review Cumberland County FHA loan limits and tax calculator tools to factor in the fixed MIP and the reduced tax burden.

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.