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Wabash County FHA Loan Calculator

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

Loan Details
Your credit score determines your risk profile. A higher score lowers your interest rate and conventional PMI costs.

Representative Score: 780 (Excellent (Prime)) · FHA uses credit-agnostic pricing

Wabash County, IL Benchmarks

FHA averages
Typical Property Value$129,500
Average Down Payment9.2%
Average Interest Rate6.436%
Effective Tax Rate1.30%
$
%

$11,914 down · $117,586 financed

Estimated Monthly Payment

$1,092/mo

  • Principal & Interest$752
  • Property Tax$140
  • Home Insurance$150
  • FHA MIP$50
Amortization · Remaining Balance

Financed Loan Amount

$119,644

Total Interest

$150,902

Total of Payments

$270,545

*Includes financed FHA Upfront MIP of $2,058

Local Market Insights

Wabash County FHA Mortgage Overview

For Wabash County homebuyers using an FHA loan, the 9.18% down payment on a $129,500 property provides accessible entry, but requires mandatory Mortgage Insurance Premiums (MIP) for the loan's life due to the 90.82% LTV ratio. This financing is ideal for those with sub-620 credit seeking primary residence ownership. The 1.30% effective property tax rate, with a recent -6.4% inflation-adjusted decrease, eases monthly costs. When evaluating an FHA mortgage with property taxes, this tax relief partially offsets the permanent MIP burden, making homeownership more affordable despite the 6.436% interest rate.

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.