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Illinois mortgage calculator

The median home in Illinois runs about $270,000. With 20% down that's a loan near $216,000 — the calculator is pre-filled with that figure. Illinois has the second-highest effective property tax rate in the country, so even with modest home prices the annual tax bill is large — often the biggest single line in the monthly payment outside principal and interest.

$1,402.41 / month

Total interest
$288,865
Total paid
$504,865
Payoff
30.0 years
Balance over YearBalance ends near $0 at 30.$0$54k$108k$162k$216k0612182430Year

How it works

A full Illinois payment is more than principal and interest. At the state's 2.08% effective property tax rate, a $270,000 home owes about $5,616 a year in tax, and homeowners insurance averages roughly $2,000 a year here. Together those add about $635 to the monthly payment before any HOA dues or PMI.

Illinois's median household income is about $81,000, or $6,750 a month. Lenders generally want the full housing payment under about 28% of that — roughly $1,890 — which is why a median-priced home is comfortable in some metros and a stretch in others. Homes in Illinois sell in about 35 days on average.

Frequently asked questions

What is a typical mortgage payment in Illinois?
On the state's roughly $270,000 median home with 20% down, the loan is about $216,000. Principal and interest depend on your rate; on top of that, Illinois's 2.08% effective property tax rate and about $2,000 a year in homeowners insurance add roughly $635 per month to the payment.
How much are property taxes on a home in Illinois?
Illinois's effective property tax rate averages about 2.08% of market value — roughly $5,616 a year on the $270,000 median home. Your county sets the actual rate and may assess below market value.
Is homeowners insurance expensive in Illinois?
The average Illinois homeowners policy runs about $2,000 a year. Illinois has the second-highest effective property tax rate in the country, so even with modest home prices the annual tax bill is large — often the biggest single line in the monthly payment outside principal and interest.
Can I afford a home in Illinois on the median income?
Illinois's median household income is about $81,000 a year, or $6,750 a month. Lenders generally want the full housing payment under about 28% of that — roughly $1,890 — so a median-priced home is a stretch in the pricier metros.
How fast do homes sell in Illinois?
A for-sale home in Illinois spends about 35 days on the market on average, though this varies widely by metro and season.

Learn more: Understanding your mortgage payment

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