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Ottawa FHA Mortgage Calculator

Estimate your true cost of homeownership in Ottawa with localized property taxes, insurance, and utility data.

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Est. Total Monthly Cost
$1,752
P&I Payment$1,082
Taxes & Ins$393
Utilities$199
Also calculate:Conventional CalculatorVA Calculator

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Mortgage Details

$174,409
Local Median: $174,409
$6,104 (3.5%)
%

Used with your down payment to fetch a live, scenario-specific rate.

Local Area Costs

Mortgage Insurance (MIP)$78/mo
Upfront MIP (UFMIP) (financed)$2,945

FHA charges MIP regardless of down payment; UFMIP is financed into the loan.

Upfront costs

One-time costs to open your FHA loan.

Down payment (cash)
$6,104
3.5% of price
Upfront MIP (UFMIP)
$2,945
1.75% · financed into loan
Financed loan amount
$171,250
incl. UFMIP
Monthly$1,752

Monthly Breakdown

Principal & Interest
$1,082
Property Taxes
$333
Homeowners Ins.
$60
Mortgage Insurance (MIP)
$78
Utilities
$199

Amortization Schedule

Loan balance and total interest paid over 30 years.

Total Interest
$218,420

Local Housing Facts for Ottawa

  • ·Median home value: $174,409 (adjusted for current market conditions)
  • ·Est. property taxes: $3,993/yr — pre-loaded from county assessment data
  • ·Homeowners insurance (HO-3): $717/yr — based on local per-$1K premium rates
  • ·Energy utilities: $2,385/yr — sourced from DOE LEAD survey data
  • ·Flood insurance: optional — toggled off by default, estimate based on FEMA risk profile

Frequently Asked Questions

What is the FHA upfront mortgage insurance premium (MIP) for a home in Ottawa, IL?

An FHA buyer in Ottawa, IL borrowing $168,305 (with 3.5% down on a median $174,409 home) pays an upfront mortgage insurance premium (MIP) of $2,945 — 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 $171,250.

How much is the monthly FHA mortgage insurance in Ottawa, IL?

For a typical FHA loan in Ottawa, IL with a base loan amount of $168,305, the annual MIP rate is 0.55% — adding approximately $77/month to the required payment. This monthly MIP is separate from principal, interest, property taxes, and homeowners insurance.

Does FHA mortgage insurance go away in Ottawa, IL?

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 Ottawa, IL putting 3.5% down, this means ongoing monthly MIP payments of approximately $77/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).

Am I eligible for FHA financing in Ottawa, IL?

The 2025 FHA loan limit for Ottawa, IL is $541,287 for a 1-unit property. A typical buyer purchasing the median-priced home here (approximately $174,409) with 3.5% down would have a base loan amount of approximately $168,305, which falls within the local FHA limit — making FHA financing an accessible option for eligible buyers.

What is the true all-in monthly cost of owning an FHA-financed home in Ottawa, IL?

Beyond principal and interest, FHA buyers in Ottawa, IL with a median $174,409 home can expect approximately $3,993/yr in property taxes, $717/yr for homeowners insurance, $2,385/yr in energy utilities, and $77/mo in FHA mortgage insurance (MIP). Together, these non-P&I costs add approximately $668/month to the required payment in Ottawa, IL.