FHA loan requirements & calculator in Illinois


US flagFHA down payment and mortgage calculator – The Illinois FHA loan calculator will estimate the down payment and maximum 2016 FHA loan amount for one, two, three, and four unit owner occupied homes in Illinois. The minimum down payment for an FHA home loan is only 3.5%. Calculating the monthly FHA mortgage payment has become rather difficult in recent years due to the numerous changes to the monthly FHA mortgage insurance premium, however, this calculator will easily estimate the monthly mip with different down payment amounts. You can also calculate the monthly FHA mortgage payment with taxes and insurance for both 15 and 30 year terms.  Learn more about FHA loans

           

FHA Mortgage Calculator | Interest Rates | County Loan Limits |

  Illinois FHA Loan & Funding Fee Calculator
 
  Illinois County
  Number of Living Units  
1. Sales Price
2. Down Payment =
3. Term
4. FHA Maximum Mortgage Amount  
5. Base Mortgage Amount  
6. FHA Funding Fee (UFMIP) +  
7. Mortgage Amount (Final) =  
 
  Monthly Mortgage Payment
8. Principal & Interest  
9. Annual Real Estate Taxes  
10. Annual Homeowners Insurance  
11. Other  
12. FHA MIP =  
13. MONTHLY MORTGAGE PAYMENT =  
 
  Based on January 9, 2015 change  
 
  Monthly Mortgage Insurance (MIP) Calculation
Loan Term greater than 15 years (i.e 30 years)
  Base Loan Amount LTV Effective Annual MIP  
≤ $625,500 ≤ 95.00% 1/26/2015 0.80%  
≤ $625,500 > 95.00% 1/26/2015 0.85%  
> $625,500 ≤ 95.00% 1/26/2015 1.00%  
> $625,500 > 95.00% 1/26/2015 1.05%  
Loan term less than or equal to 15 Years with loan to value above 78%
  Base Loan Amount LTV Effective Annual MIP  
Any loan amount < 78.00% 6/3/2013 0.45%  
≤ $625,500 78.01% - 90.00% 4/1/2013 0.45%  
≤ $625,500 > 90.00% 4/1/2013 0.70%  
> $625,500 78.01% - 90.00% 4/1/2013 0.70%  
> $625,500 > 90.00% 4/1/2013 0.95%  
 
 
This calculator and information contained herein are made available to you as a self-help tool for illustrative use only. Examples are hypothetical. We can not and do not guarantee the applicability or accuracy in regards to your individual circumstances. I encourage you to seek personalized advice from qualified professionals. Copyright © 2016 William A. MacDonald. All Rights Reserved. AnytimeEstimate.com

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