Washington County FHA Loan Calculator

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

Loan Details

US County (Smart Autofill)

Loan Type

Washington County, IL Benchmarks

FHA averages

Typical Property Value$170,000

Average Down Payment12.2%

Average Interest Rate6.470%

Effective Tax Rate1.58%

Median Tax Paid$2,908/yr

Tax Growth (Historical)+2.0%

Based on 38 regional loans totaling $5,540,000 (HMDA database).

Home Price

Down Payment

$20,740 down · $149,260 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

$224 / month

Home Insurance

Annual premium

HOA Dues

Per month

PMI Rate

$63 / month

Estimated Monthly Payment

$1,394/mo

Principal & Interest$957
Property Tax$224
Home Insurance$150
FHA MIP$63

Amortization · Remaining Balance

Financed Loan Amount

$151,872

Total Interest

$192,626

Total of Payments

$344,498

*Includes financed FHA Upfront MIP of $2,612

Local Market Insights

Washington County FHA Mortgage Overview

In Washington County, the 12.19% average down payment on FHA loans provides accessible entry for primary residence buyers, though mandatory Mortgage Insurance Premiums (MIP) apply for the loan’s life due to the 87.81% LTV ratio. With an average property value of $170,000 and a 6.470% rate, the effective 1.58% property tax rate, adjusted upward by 2.0% for inflation, adds roughly $224 monthly to true affordability. This market favors those using an FHA loan with PMI and taxes in Washington County, IL, as the lower down payment offsets the permanent MIP cost.

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.