FinanceCalc

Illinois Mortgage Calculator

Calculate your Illinois mortgage payment with accurate IL property tax rates. See median home prices and closing costs for Illinois.

Loan Details

?The purchase price of the home you're considering buying.
?The amount you plan to pay upfront when purchasing the home.
?The annual interest rate on your mortgage loan.
?The length of your mortgage in years. Common terms are 15 or 30 years.
?The annual property tax rate as a percentage of home value.
?Annual homeowners insurance premium.
?Monthly homeowners association (HOA) fees, if applicable.
End of inputs

Results

Monthly Payment
$1,756.38

Total / month

Loan Amount
$185,000.00

After down payment

Total Interest
$235,953.97

Over 30 years

Monthly Payment Breakdown
Amortization Schedule
Payment Schedule
MonthPrincipalInterestBalance

360 months · Showing 0 rows

Key Insights
Over the life of this loan you'll pay $235,953.97 in interest — more than the principal itself. A shorter loan term or biweekly payments could dramatically reduce this cost.
Making one extra payment per year (about $97.44/month) could save approximately $53,594.29 in interest and pay off your loan 5.8 years earlier.
Your interest rate of 6.50% is in line with recent market averages. Shopping around with at least three lenders could still save you thousands over the life of the loan.
Your down payment of 20% or more means you avoid Private Mortgage Insurance (PMI) entirely — a saving of hundreds of dollars per month.
Your down payment of 30.19% is strong, giving you immediate equity in your home and helping you secure better loan terms.

Illinois Housing Facts

Median Home Price
$265,000
Average Property Tax Rate
2.13%
Annual Tax on Median Home
$5,645
State Income Tax
Yes (flat 4.95%)
Homebuyer Programs
IHDA 1stHomeIllinois + DPA
Property Tax Relief
General Homestead Exemption

How to Use This State Mortgage Calculator

  1. 1The calculator opens pre-filled with your state's median home price and average property tax rate. Adjust the Home Price slider to match the listing you are considering.
  2. 2Set your down payment. Toggle between a dollar amount and a percentage of the home price; a 20% down payment avoids PMI entirely.
  3. 3Enter the interest rate quoted by your lender. The default reflects a recent market average, but your rate depends on your credit score, loan type, and down payment.
  4. 4Review the Property Tax Rate slider — it starts at your state's average, but your actual rate depends on your county and any homestead exemptions you qualify for.
  5. 5Add annual home insurance and monthly HOA fees if applicable, then review the monthly payment breakdown, amortization chart, and AI-powered insights.

How Your Monthly Payment Is Calculated

The monthly principal-and-interest payment uses the standard amortization formula:

M = P × [r(1+r)^n] / [(1+r)^n − 1]

Where:
- M = monthly payment (principal + interest)
- P = loan amount (home price minus down payment)
- r = monthly interest rate (annual rate ÷ 12)
- n = total number of payments (years × 12)

Your total monthly housing payment (PITI) adds monthly property tax, home insurance, HOA fees, and PMI (if your down payment is under 20%). Property tax uses the rate entered for your state applied to the home price, divided by 12.

Key Mortgage Terms

Illinois Mortgage FAQ

What is the median home price in Illinois?

Illinois's median home price of about $265,000 is affordable, but high property taxes offset the lower sticker price, especially in the Chicago metro. This calculator uses $265,000 as the default home price so you can see a typical monthly payment in Illinois.

What is the average property tax rate in Illinois?

The average effective property tax rate in Illinois is about 2.13%. Illinois has among the highest property taxes in the U.S. at an average effective rate of about 2.13%, driven largely by school district levies. The General Homestead Exemption reduces the equalized assessed value of a primary residence, and the Homeowner Exemption is larger in Cook County; many owners appeal assessments to lower their bill. The calculator applies 2.13% by default, but your actual rate depends on your county and assessed value.

What homebuyer assistance programs are available in Illinois?

The Illinois Housing Development Authority (IHDA) offers 1stHomeIllinois with $7,500 in forgivable down payment assistance for first-time buyers in targeted counties, plus the Access and Access Express programs offering $5,000-$10,000 assistance statewide.

Does Illinois offer a homestead exemption or property tax relief?

Illinois has among the highest property taxes in the U.S. at an average effective rate of about 2.13%, driven largely by school district levies. The General Homestead Exemption reduces the equalized assessed value of a primary residence, and the Homeowner Exemption is larger in Cook County; many owners appeal assessments to lower their bill. Check with your county assessor to confirm which exemptions apply to your property.

What closing costs should I expect when buying a home in Illinois?

Closing costs in Illinois typically run 1.5%-2.25% of the price, with attorney representation standard, plus title insurance and county transfer taxes; Chicago has additional city transfer taxes.

How does Illinois's tax structure affect my overall housing costs?

Illinois uses a flat 4.95% state income tax, so combined with the nation-leading property tax rate near 2.13%, total housing plus tax costs in the Chicago area are high despite moderate home prices. With an average property tax rate of 2.13% and a median home price near $265,000, your total monthly housing cost includes principal, interest, taxes, and insurance (PITI).

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