Safe Rate Local · FHA Loan
Estimate your true cost of homeownership in Clay with localized property taxes, insurance, and utility data.
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Used with your down payment to fetch a live, scenario-specific rate.
FHA charges MIP regardless of down payment; UFMIP is financed into the loan.
One-time costs to open your FHA loan.
Loan balance and total interest paid over 30 years.
An FHA buyer in Clay, IL borrowing $109,864 (with 3.5% down on a median $113,849 home) pays an upfront mortgage insurance premium (MIP) of $1,923 — equal to 1.75% of the base loan amount. This upfront MIP is typically financed into the loan balance rather than paid at closing, increasing the total loan amount to approximately $111,787.
For a typical FHA loan in Clay, IL with a base loan amount of $109,864, the annual MIP rate is 0.55% — adding approximately $50/month to the required payment. This monthly MIP is separate from principal, interest, property taxes, and homeowners insurance.
Unlike conventional PMI — which automatically cancels at 80% LTV under the Homeowners Protection Act — FHA annual MIP on loans with less than 10% down does not fall off. For FHA buyers in Clay, IL putting 3.5% down, this means ongoing monthly MIP payments of approximately $50/month for the life of the loan. To eliminate MIP, borrowers must refinance into a conventional loan once they reach 20% equity, or put 10%+ down at origination (MIP then cancels after 11 years).
The 2025 FHA loan limit for Clay, IL is $541,287 for a 1-unit property. A typical buyer purchasing the median-priced home here (approximately $113,849) with 3.5% down would have a base loan amount of approximately $109,864, which falls within the local FHA limit — making FHA financing an accessible option for eligible buyers.
Beyond principal and interest, FHA buyers in Clay, IL with a median $113,849 home can expect approximately $1,882/yr in property taxes, $781/yr for homeowners insurance, $3,343/yr in energy utilities, and $50/mo in FHA mortgage insurance (MIP). Together, these non-P&I costs add approximately $551/month to the required payment in Clay, IL.