McLean County FHA Loan Calculator

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

Loan Details

US County (Smart Autofill)

Loan Type

McLean County, KY Benchmarks

FHA averages

Typical Property Value$189,242

Average Down Payment11.8%

Average Interest Rate6.327%

Effective Tax Rate0.66%

Median Tax Paid$954/yr

Tax Growth (Historical)-6.0%

Based on 33 regional loans totaling $5,415,000 (HMDA database).

Home Price

Down Payment

$22,331 down · $166,911 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

$104 / month

Home Insurance

Annual premium

HOA Dues

Per month

PMI Rate

$71 / month

Estimated Monthly Payment

$1,379/mo

Principal & Interest$1,055
Property Tax$104
Home Insurance$150
FHA MIP$71

Amortization · Remaining Balance

Financed Loan Amount

$169,832

Total Interest

$209,802

Total of Payments

$379,634

*Includes financed FHA Upfront MIP of $2,921

Local Market Insights

McLean County FHA Mortgage Overview

In McLean County, the 11.77% average down payment for FHA loans provides accessible entry, though mandatory Mortgage Insurance Premiums (MIP) are required for the loan's life, regardless of equity. With an 88.23% Loan-to-Value ratio and 100% owner-occupancy, this data reflects standard homebuyers. The effective property tax rate of 0.66%, combined with a recent -6.0% inflation-adjusted tax change, slightly improves monthly affordability. When evaluating an FHA loan with PMI and taxes in McLean County, KY, or considering down payment options, this lower tax burden offsets some MIP costs. For those exploring McLean County FHA mortgage limits, this market favors buyers with sub-620 credit scores seeking stable primary residences.

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.