FHA Loan Calculator — Illinois
On the typical Illinois home ($298,000), 3.5% down leaves a $287,570 base loan. The 1.75% upfront premium ($5,032) is financed, for a $292,602 loan, and annual MIP of 0.55% adds $134 a month for the life of the loan. Illinois FHA limits run $541,287–$832,750 by county.
Illinois has the highest effective property tax rate of the 50 states at 1.88% — $2,891 more a year than the 0.91% state average on a $298,000 home. Homeowners insurance averages $2,643 a year, the 23rd-highest premium nationally and $77 less than the typical state.
Loan Parameters
Total Monthly Payment
$2,773
Principal & Interest + Taxes + Insurance
APR 7.761%
Total Interest
$410,331
Total Cost
$982,399
Advanced Parameters
FHA Mortgage Insurance Premium (MIP)
Annual MIP of 0.55% is billed monthly on the average balance of each loan year. With less than 10% down it lasts for the life of the loan; with 10% or more down it ends after 11 years. A 1.75% upfront premium is also added to the loan.
Loan Summary
Payoff Date
Sep 2056
Interest / Principal
1.40x
Mortgage Insurance Ends
Full term
50% Equity
Jul 2048
Amortization Schedule
| Period | Payment | Principal | Interest | MIP | Balance | Equity |
|---|---|---|---|---|---|---|
| Year 1 | $23,431 | $2,955 | $20,476 | $1,602 | $289,647 | $8,353 |
| Year 2 | $23,431 | $3,170 | $20,261 | $1,585 | $286,478 | $11,522 |
| Year 3 | $23,431 | $3,400 | $20,031 | $1,567 | $283,078 | $14,922 |
| Year 4 | $23,431 | $3,647 | $19,784 | $1,548 | $279,431 | $18,569 |
| Year 5 | $23,431 | $3,912 | $19,520 | $1,527 | $275,520 | $22,480 |
| Year 6 | $23,431 | $4,196 | $19,236 | $1,505 | $271,324 | $26,676 |
| Year 7 | $23,431 | $4,500 | $18,931 | $1,481 | $266,824 | $31,176 |
| Year 8 | $23,431 | $4,827 | $18,604 | $1,455 | $261,997 | $36,003 |
| Year 9 | $23,431 | $5,177 | $18,254 | $1,428 | $256,820 | $41,180 |
| Year 10 | $23,431 | $5,553 | $17,878 | $1,399 | $251,266 | $46,734 |
| Year 11 | $23,431 | $5,957 | $17,475 | $1,367 | $245,310 | $52,690 |
| Year 12 | $23,431 | $6,389 | $17,042 | $1,333 | $238,921 | $59,079 |
| Year 13 | $23,431 | $6,853 | $16,578 | $1,297 | $232,068 | $65,932 |
| Year 14 | $23,431 | $7,351 | $16,081 | $1,258 | $224,717 | $73,283 |
| Year 15 | $23,431 | $7,884 | $15,547 | $1,216 | $216,833 | $81,167 |
| Year 16 | $23,431 | $8,457 | $14,974 | $1,172 | $208,376 | $89,624 |
| Year 17 | $23,431 | $9,071 | $14,360 | $1,123 | $199,305 | $98,695 |
| Year 18 | $23,431 | $9,729 | $13,702 | $1,072 | $189,576 | $108,424 |
| Year 19 | $23,431 | $10,436 | $12,995 | $1,017 | $179,140 | $118,860 |
| Year 20 | $23,431 | $11,194 | $12,237 | $957 | $167,946 | $130,054 |
| Year 21 | $23,431 | $12,006 | $11,425 | $894 | $155,940 | $142,060 |
| Year 22 | $23,431 | $12,878 | $10,553 | $826 | $143,062 | $154,938 |
| Year 23 | $23,431 | $13,813 | $9,618 | $752 | $129,248 | $168,752 |
| Year 24 | $23,431 | $14,816 | $8,615 | $674 | $114,432 | $183,568 |
| Year 25 | $23,431 | $15,892 | $7,539 | $590 | $98,540 | $199,460 |
| Year 26 | $23,431 | $17,046 | $6,385 | $500 | $81,494 | $216,506 |
| Year 27 | $23,431 | $18,284 | $5,147 | $403 | $63,210 | $234,790 |
| Year 28 | $23,431 | $19,611 | $3,820 | $299 | $43,599 | $254,401 |
| Year 29 | $23,431 | $21,035 | $2,396 | $187 | $22,564 | $275,436 |
| Year 30 | $23,432 | $22,564 | $868 | $68 | $0 | $298,000 |
FHA Loan numbers for Illinois
- Typical Illinois home value
- $298,000
- 3.5% down ($10,430) · Zillow, August 31, 2026
- Loan amount
- $292,602
- Includes $5,032 financed UFMIP
- Estimated monthly payment
- $2,773
- APR 7.761%
- Illinois property tax
- 1.88%
- $467/mo
- Homeowners insurance
- $2,643/yr
- $220/mo
- Upfront MIP (1.75%)
- $5,032
- Financed into the loan
- Annual MIP
- 0.55%
- $134/mo in year 1 · life of loan
- Illinois FHA loan limit
- $541,287 – $832,750
- One-unit, by county
How much house can you afford in Illinois with an fha loan?
Highest price where principal, interest, Illinois property tax, insurance and FHA mortgage insurance (1.75% upfront premium financed, 0.55% annual MIP) stay within 28% of gross income —3.5% down, 30-year fixed at 7.03%. Other debts lower these numbers.
| Household income | Housing budget / mo | Max home price | Down payment | vs typical home |
|---|---|---|---|---|
| $40,000 | $933 | $83,000 | $2,905 | 28% |
| $50,000 | $1,167 | $110,000 | $3,850 | 37% |
| $60,000 | $1,400 | $137,000 | $4,795 | 46% |
| $75,000 | $1,750 | $178,000 | $6,230 | 60% |
| $100,000 | $2,333 | $246,000 | $8,610 | 83% |
| $125,000 | $2,917 | $314,000 | $10,990 | 106% |
| $150,000 | $3,500 | $382,000 | $13,370 | 128% |
FHA vs other loan types in Illinois
$298,000 home, each program's typical minimum or default down payment, current average 30-year rate.
| Loan type | Down | Loan amount | Upfront fee | Monthly MI | Total / month | APR |
|---|---|---|---|---|---|---|
| Conventional | 10% · $29,800 | $268,200 | — | $161 PMI | $2,638 | 7.488% |
| FHA | 3.5% · $10,430 | $292,602 | UFMIP $5,032 | $134 MIP | $2,773 | 7.761% |
| VA | 0% · $0 | $304,407 | Funding fee $6,407 | $0 | $2,718 | 7.242% |
| JumboLoan is conforming (≤ $832,750) | 20% · $59,600 | $238,400 | — | $0 | $2,278 | 7.030% |
Frequently asked questions
What is the monthly payment on a $298,000 home with an fha loan in Illinois?
Estimated $2,773 per month ($1,953 principal & interest, $467 property tax, $220 insurance, $134 FHA mortgage insurance) at 7.03% for 30 years, with 3.5% down. APR 7.761%.
What is the FHA loan limit in Illinois for 2026?
Between $541,287 and $832,750 depending on the county for a one-unit home. $541,287 is the national FHA floor; counties with higher home prices get higher limits. Check your exact county on HUD's FHA mortgage limits lookup.
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Data sources & assumptions
- Freddie Mac Primary Mortgage Market Survey (PMMS) — Weekly average as of September 24, 2026
- Zillow Home Value Index (ZHVI), typical home value, all homes — Default home prices; typical value as of August 31, 2026
- FHFA 2026 Conforming Loan Limit Values (one-unit) — 2026 one-unit limits, 56 states & territories
- HUD FHA Mortgage Limits lookup — FHA floor $541,287; high-cost counties follow the conforming limit — confirm on HUD
- Effective statewide property tax rate (Tax Foundation, 2026 projections) — Statewide effective rate; county rates vary
- Average annual homeowners premium, $300K dwelling / $1K deductible (industry survey averages) — Statewide average premium
- HUD Mortgagee Letter 2023-05 (annual MIP schedule)
- HUD — FHA single family housing policy handbook 4000.1
Estimates exclude lender origination fees, points and closing costs. See our methodology for formulas and limitations.