Lee County FHA Loan Calculator

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

Loan Details

US County (Smart Autofill)

Loan Type

Lee County, IL Benchmarks

FHA averages

Typical Property Value$209,156

Average Down Payment8.6%

Average Interest Rate6.652%

Effective Tax Rate1.77%

Median Tax Paid$3,048/yr

Tax Growth (Historical)-0.8%

Based on 77 regional loans totaling $14,215,000 (HMDA database).

Home Price

Down Payment

$17,987 down · $191,169 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

$309 / month

Home Insurance

Annual premium

HOA Dues

Per month

PMI Rate

$81 / month

Estimated Monthly Payment

$1,788/mo

Principal & Interest$1,249
Property Tax$309
Home Insurance$150
FHA MIP$81

Amortization · Remaining Balance

Financed Loan Amount

$194,514

Total Interest

$255,022

Total of Payments

$449,536

*Includes financed FHA Upfront MIP of $3,345

Local Market Insights

Lee County FHA Mortgage Overview

For Lee County homebuyers, the 8.64% average down payment on FHA loans provides accessible entry, but note that mandatory Mortgage Insurance Premiums (MIP) lasts for the loan's life—ideal for those with sub-620 credit. With a 91.36% LTV ratio and 100% owner-occupancy, this market favors stability over equity building. The 1.77% property tax rate, coupled with a -0.8% inflation-adjusted tax decline, slightly eases monthly costs. When assessing an FHA loan with PMI and taxes in Lee County, IL, these factors directly shape true affordability and long-term expense.

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.