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Springfield, IL mortgage & affordability calculator

The typical home in Springfield, IL is worth about $165,000. With 20% down that's a loan near $132,000 — the calculator is pre-filled with that figure. As Illinois's capital, Springfield has some of the lowest home prices of any state capital in the country, but the state's second-highest-in-the-nation property tax rate still applies in full, so the tax line looms larger here than the modest sticker price suggests. State-government employment gives the local economy more stability than many similarly-sized Midwest metros.

$857.03 / month

Total interest
$176,528
Total paid
$308,528
Payoff
30.0 years
Balance over YearBalance ends near $0 at 30.$0$33k$66k$99k$132k0612182430Year

How much you need to earn

Springfield, IL's median household income is about $65,000 a year. Under standard 28/36 lending rules that supports a home price around $196,070 with 20% down — comfortably above the $165,000 typical price.

$196,071 max home price

Max loan amount
$163,071
Housing payment budget
$1,517
P&I budget
$1,059
Bound by
front-end ratio

Uses the 28% front-end / 36% back-end DTI guidelines. Lenders vary.

Typical asking rent in Springfield, IL is about $1,050 a month, so owning the median home costs roughly $265 more per month before tax effects, maintenance, and any change in home value.

Frequently asked questions

What is a typical mortgage payment in Springfield, IL?
On the metro's roughly $165,000 typical home with 20% down, the loan is about $132,000. Principal and interest run near $857 a month at today's rate, and Springfield, IL's property tax plus insurance add about $458, for a full payment near $1,315.
Can I afford a home in Springfield, IL on the median income?
The median household income is about $65,000 a year. Under standard 28/36 lending rules that supports a home price around $196,070 with 20% down — above the $165,000 typical price, so a median home is within reach.
Is it cheaper to rent or buy in Springfield, IL?
Typical asking rent is about $1,050 a month. The full owner payment on a median home is near $1,315, so owning costs roughly $265 more per month before tax effects, maintenance, and any appreciation.
How much are property taxes in Springfield, IL?
The effective property tax rate in the core county is about 2.30% of market value — roughly $3,795 a year on the typical home. Your exact rate depends on the municipality and any exemptions.
Are home prices in Springfield, IL rising or falling?
Home values are up about 6% over the past year. As Illinois's capital, Springfield has some of the lowest home prices of any state capital in the country, but the state's second-highest-in-the-nation property tax rate still applies in full, so the tax line looms larger here than the modest sticker price suggests. State-government employment gives the local economy more stability than many similarly-sized Midwest metros.

Nearby metros

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