Mortgage Calculator in Illinois

Calculate your monthly mortgage payment in Illinois using the 2026 median home price of $314K and current local rates. Adjust the inputs below. Formula shown, sources cited — no account required.

Housing here offers a wide range — Chicago's lakefront commands premium prices while downstate markets offer homes well below the national median. The statewide median of $314,000 reflects that spread. What stands out financially is the property tax rate of 2.27%, one of the highest in the country, which adds $7,128 per year to the cost of owning the median-priced home. That annual tax bill can swing a borrower's debt-to-income ratio and reduce how much home they qualify for. Closing costs average 2.2% of the purchase price, which means buyers at the median price face roughly $6,908 in closing fees alone. First-time buyers should investigate the 1stHomeIllinois program and the IHDA Access Forgivable loan, which provides down-payment and closing-cost assistance that does not require repayment if you stay in the home long enough. Competition is fierce in desirable Chicago neighborhoods and growing suburbs. Understanding your total monthly payment — mortgage, tax, and insurance — is essential before you set your budget. Run those numbers through the mortgage calculator above to see what your true all-in payment looks like.

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Illinois has one of the highest property tax rates in the US (2.27%) — that adds $594/month to the cost of the median home.

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Illinois Housing Market at a Glance (2026)

$314K

Median Home Price

6.51%

Avg Mortgage Rate

2.27%

Property Tax Rate

10%

Typical Down Payment

Buying a Home in Illinois: Costs to Know

Average closing costs2.2% of purchase price

On a $314K home, closing costs â‰ˆ$6,908

Median household income$83,211/yr

State income tax (top rate)4.95%

First-Time Buyer Programs in Illinois

Illinois offers state-sponsored programs that can reduce your down payment or closing costs:

✓1stHomeIllinois
✓IHDA Access Forgivable

Mortgage Costs in Illinois: High Property Taxes Explained

A standard mortgage payment in Illinois is calculated using the amortization formula:M = P[r(1+r)^n] / [(1+r)^n - 1]

Where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. On a $314K home in Illinois with a 10% down payment at 6.51% over 30 years, your principal and interest payment comes to approximately $1,788/month— not including property taxes or homeowner's insurance.

Illinois's property tax rate of 2.27% adds roughly $594/month to your total housing cost on a $314K home. This rate is above the national average of ~1.1%, so factor it carefully into your budget.

Illinois vs. National Average

Metric	Illinois	National Avg
Median Home Price	$314,000	$420,000
Property Tax Rate	2.27%	1.07%
Avg Mortgage Rate	6.51%	6.85%
Cost of Living Index	95	100

Questions You Might Ask — Mortgage Calculator in Illinois

What is the average mortgage payment in Illinois?

Based on the median home price of $314K in Illinois with a 10% down payment and 6.51% rate (30-year fixed), the estimated monthly principal and interest payment is approximately $1,788. Adding property taxes (~$594/mo) and homeowner's insurance, total PITI is typically $2,532–$2,632/month.

What is the property tax rate in Illinois?

Illinois has an average effective property tax rate of 2.27%. On the median home price of $314K, that equals roughly $7,128 per year — or $594 added to your monthly mortgage payment. This is above the national average of ~1.1%, so budget carefully.

How much down payment do I need to buy a home in Illinois?

The typical down payment in Illinois is 10% — about $31,400 on the median $314K home. Conventional loans require as little as 3% down; FHA loans allow 3.5%. First-time buyers may also qualify for assistance through programs like 1stHomeIllinois.

What are closing costs in Illinois?

Average closing costs in Illinois are approximately 2.2% of the purchase price — about $6,908 on the median $314K home. Closing costs include lender origination fees, title insurance, escrow, prepaid interest, and government recording fees.

What income do I need to afford the median home in Illinois?

To afford the $314K median home in Illinois under the 28% housing-cost rule, you need a gross monthly income of at least $9,043 — roughly $109K/year. The median household income in Illinois is $83,211.

Data Sources & Methodology

State data sourced from the National Association of Realtors (median home prices), Tax Foundation (property tax rates, income tax), Freddie Mac PMMS (mortgage rates), ATTOM Data Solutions (closing costs), and U.S. Census Bureau ACS (household income). Last updated 2026.