Illinois Mortgage Calculator
Estimate your monthly mortgage payment in Illinois using local property tax rates, insurance costs, and current interest rates.
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$20%
%
Monthly Payment
$2,208
$1,816 principal & interest
Principal & Interest: $1,816
Property Tax: $292
Insurance: $100
Loan Amount
$280,000
Total Interest
$373,787
Total Cost
$653,787
LTV Ratio
80.0%
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Advanced Calculator
Charts, scenario comparison, tax benefits, equity projection
Compare different loan terms using your home price of $350,000 with $70,000 down at 6.8%.
15-Year Fixed
$2,401/mo
Total interest: $152,141
Total cost: $432,141
Save $221,646 vs 30-year
20-Year Fixed
$2,088/mo
Total interest: $221,025
Total cost: $501,025
Save $152,762 vs 30-year
30-Year Fixed (Current)
$1,816/mo
Total interest: $373,787
Total cost: $653,787
Lowest monthly payment
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Professional Simulator
Complete financial model: closing costs breakdown, rent vs buy, inflation-adjusted returns, true cost of ownership
years
%
%
%
%
10-Year Net Gain/Loss
-$173,685
After selling in year 10 at $493,710
Total Paid Over Hold Period
$398,929
Down + closing + all payments
Home Value at Sale
$493,710
3.5%/ yr appreciation
Selling Costs
$29,623
6% of sale price
Net Sale Proceeds
$225,244
After mortgage payoff + selling costs
Real Interest Rate
4.25%
Nominal 6.8% - inflation 2.5%
Real Monthly Payment
$1,254
Today's dollars (mid-loan)
State Property Tax
$5,600
TX rate: 1.6%
True Monthly Cost
$2,499
PITI + HOA + maintenance
Buying a Home in Illinois
Illinois offers a tale of two housing markets: the Chicago metropolitan area, with high home prices and some of the nation's steepest property taxes, and downstate Illinois, with some of the most affordable homes in the Midwest. The state's average home price of $270,000 is moderate, but the average effective property tax rate of 2.07% — second highest in the nation — means property taxes will be a larger portion of your monthly payment than almost anywhere else.
For a $270,000 home at 2.07%, expect to pay approximately $5,589 per year ($466/month) in property taxes alone. When shopping in specific areas, always verify the exact millage rates with the county assessor, as rates vary substantially even within the same county.
Key Housing Facts for Illinois
- Average home price: $270,000
- Average effective property tax rate: 2.07%
- Average homeowners insurance: $1,500/year
- Second-highest property tax rate in the US
- Properties typically assessed at one-third of market value
- Most expensive markets: Chicago North Shore, Naperville, Oak Park
- Most affordable markets: Rockford, Peoria, Springfield, Decatur
Illinois First-Time Homebuyer Programs
- IHDAccess Forgivable: $6,000 as a 0% forgivable loan for down payment and closing costs; forgiven at 10% per year over 10 years.
- IHDAccess Deferred: $7,500 at 0% interest, deferred with no monthly payment; repaid when home is sold, refinanced, or paid off.
- IHDAccess Repayable: $10,000 at 0% interest repaid over 10 years at roughly $83/month.
- SmartBuy 3.0: Combines mortgage with student loan payoff assistance — pays up to 15% of purchase price (max $40,000) toward student debt at closing.
- Opening Doors: Targeted to buyers in Rockford and other designated areas with enhanced assistance.
Property Tax Rates by Major Illinois County
| County | Effective Tax Rate | Median Home Value | Annual Tax (Median) |
|---|---|---|---|
| Cook (Chicago) | 2.10% | $310,000 | $6,510 |
| DuPage (Naperville) | 2.11% | $380,000 | $8,018 |
| Lake | 2.59% | $330,000 | $8,547 |
| Will (Joliet) | 2.17% | $270,000 | $5,859 |
| Kane (Aurora) | 2.47% | $265,000 | $6,546 |
| Sangamon (Springfield) | 1.81% | $165,000 | $2,987 |
| Peoria | 2.25% | $130,000 | $2,925 |
| Winnebago (Rockford) | 2.88% | $120,000 | $3,456 |
Average Home Prices by Major Illinois City
| City/Area | Median Home Price |
|---|---|
| Naperville / DuPage County | $425,000 |
| Lake County (North Shore) | $380,000 |
| Chicago City | $320,000 |
| Joliet | $270,000 |
| Aurora | $265,000 |
| Springfield | $165,000 |
| Peoria | $130,000 |
| Rockford | $120,000 |
Frequently Asked Questions
Illinois has the second-highest effective property tax rate in the nation at approximately 2.07%, behind only New Jersey. High taxes stem from the state's heavy reliance on local property taxes to fund public schools, combined with generous public pension obligations at the local level. Cook County (Chicago) and surrounding collar counties (Lake, DuPage, McHenry) all have rates above 2%, making property taxes a significant part of monthly housing costs.
The Illinois Housing Development Authority (IHDA) offers several programs for homebuyers. The Access Forgivable program provides $6,000 as a 0%, forgivable loan (forgiven over 10 years) for down payment and closing costs. The Access Deferred program offers $7,500 at 0% interest, deferred until home is sold or refinanced. The IHDAccess Repayable program provides $10,000 at 0% interest repaid monthly over 10 years. All pair with 30-year fixed-rate first mortgages.
In Illinois, properties are typically assessed at one-third of market value (called the assessed value or EAV — Equalized Assessed Value). Millage rates are then applied to the EAV. The end result is an effective tax rate of roughly 2% on market value. Cook County follows a different assessment model with separate classifications for residential and commercial properties. Homeowners should verify the actual EAV with the county assessor.
Yes, significantly. While Chicagoland averages around $320,000 and North Shore suburbs exceed $500,000, downstate Illinois offers exceptional value. Cities like Rockford, Peoria, Springfield, and Champaign-Urbana have median prices between $130,000 and $200,000. Even within the Chicago metro, neighborhoods in the south and southwest suburbs offer homes under $200,000, though property taxes remain high regardless of location.
The General Homestead Exemption reduces the equalized assessed value of an owner-occupied primary residence by up to $10,000 in Cook County or $6,000 in all other counties, lowering the taxable base and thus the tax bill. The Homestead Improvement Exemption and Long-Time Occupant Homestead Exemption (Cook County only) offer additional savings. Seniors may qualify for the Senior Citizens Homestead Exemption and a Senior Citizens Assessment Freeze.