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Franklin County FHA Loan Calculator

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

Loan Details

Franklin County, IL Benchmarks

FHA averages
Typical Property Value$146,859
Average Down Payment10.9%
Average Interest Rate6.504%
Effective Tax Rate1.18%
Median Tax Paid$1,394/yr
Tax Growth (Historical)+2.8%
Based on 156 regional loans totaling $20,050,000 (HMDA database).
$
%

$16,008 down · $130,851 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$144 / month

$

Annual premium

$

Per month

%

$55 / month

Estimated Monthly Payment

$1,191/mo

  • Principal & Interest$842
  • Property Tax$144
  • Home Insurance$150
  • FHA MIP$55
Amortization · Remaining Balance

Financed Loan Amount

$133,141

Total Interest

$169,814

Total of Payments

$302,956

*Includes financed FHA Upfront MIP of $2,290

Local Market Insights

Franklin County FHA Mortgage Overview

For Franklin County homebuyers using an FHA loan, the 10.86% average down payment (vs. the 89.14% LTV) lowers the barrier to entry. However, this FHA structure mandates Mortgage Insurance Premiums (MIP) for the loan’s full term, unlike conventional options. The effective 1.18% property tax rate, coupled with a 2.8% inflation-adjusted increase, adds roughly $35–$40 to monthly costs on a $146,858 property. This data, reflecting 100% owner-occupied purchases, confirms FHA remains a viable path for those seeking accessible financing with predictable tax impacts in Franklin County, Illinois.

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.