Illinois Mortgage Calculator
Estimate your monthly mortgage payment in Illinois with state-specific property tax, insurance, and homestead data pre-loaded. Median home value in Illinois is $290,000 with an effective property tax rate of 2.05%.
Mortgage Calculator
Estimate your monthly payment including taxes, insurance, and PMI.
Optional
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
Year 1 | $17,596.80 | $2,593.14 | $15,003.66 | $229,406.86 |
| 1 | $1,466.40 | $209.73 | $1,256.67 | $231,790.27 |
| 2 | $1,466.40 | $210.87 | $1,255.53 | $231,579.40 |
| 3 | $1,466.40 | $212.01 | $1,254.39 | $231,367.39 |
| 4 | $1,466.40 | $213.16 | $1,253.24 | $231,154.23 |
| 5 | $1,466.40 | $214.31 | $1,252.09 | $230,939.92 |
| 6 | $1,466.40 | $215.48 | $1,250.92 | $230,724.44 |
| 7 | $1,466.40 | $216.64 | $1,249.76 | $230,507.80 |
| 8 | $1,466.40 | $217.82 | $1,248.58 | $230,289.98 |
| 9 | $1,466.40 | $219.00 | $1,247.40 | $230,070.98 |
| 10 | $1,466.40 | $220.18 | $1,246.22 | $229,850.80 |
| 11 | $1,466.40 | $221.37 | $1,245.03 | $229,629.43 |
| 12 | $1,466.40 | $222.57 | $1,243.83 | $229,406.86 |
Year 2 | $17,596.80 | $2,766.82 | $14,829.98 | $226,640.04 |
Year 3 | $17,596.80 | $2,952.11 | $14,644.69 | $223,687.93 |
Year 4 | $17,596.80 | $3,149.82 | $14,446.98 | $220,538.11 |
Year 5 | $17,596.80 | $3,360.77 | $14,236.03 | $217,177.34 |
What is a Mortgage Calculator?
A mortgage calculator helps you estimate your total monthly housing payment, including principal, interest, property taxes, home insurance, and private mortgage insurance (PMI). This gives you a complete picture of what homeownership will cost each month.
Unlike a simple loan calculator, a mortgage calculator accounts for additional costs that come with buying a home. Property taxes and insurance are typically required by lenders to be included in your monthly payment through an escrow account.
All calculations happen in your browser. No financial data is sent to any server, so your information stays completely private.
Illinois Housing Snapshot
| Median Home Value | $290,000 |
| Effective Property Tax Rate | 2.05% |
| Estimated Annual Property Tax | $5,945 |
| State Income Tax | Flat 4.95% |
| Homestead Exemption | $10,000 general plus $8,000 in Cook County; senior homestead $8,000 additional |
| Avg Homeowners Insurance | $1,485/yr |
| Transfer & Recording Taxes | State transfer tax $0.50 per $500 plus county $0.25 per $500; Chicago adds $5.25 per $500 |
What Makes Buying in Illinois Different
Illinois has the second-highest effective property tax rate in the US at 2.05%, behind only New Jersey. On a median $290,000 home, the annual property tax bill exceeds $5,940, and Cook County (Chicago and inner suburbs) sees higher effective rates because of the township and school district structure. The combined transfer tax burden in Chicago is also notable: state, county, and city portions add about $10.50 per $1,000 of sale price, paid by the buyer (Chicago-specific portion). State income tax is a flat 4.95%, simpler than progressive systems but with no standard deduction. The Illinois market is highly bimodal. Chicago and the North Shore suburbs (Evanston, Wilmette, Winnetka) command high prices, while downstate cities like Peoria, Springfield, and Rockford have medians well under $200,000. Property tax appeal is common and often productive in Cook County, where assessor practices have been subject to ongoing reform after past valuation controversies.
Top Cities in Illinois
| City | Median Home Value |
|---|---|
| Chicago | $305,000 |
| Aurora | $285,000 |
| Naperville | $510,000 |
| Joliet | $245,000 |
| Rockford | $145,000 |
Illinois funds local services and school districts primarily through property tax, with limited state aid to municipalities. The effective rate of 2.05% is the second-highest in the US after New Jersey. Cook County uses a complex assessment system that has produced inequities prompting reform, while collar counties (DuPage, Lake, Kane) often have effective rates approaching 2.5%.
Chicago charges its own transfer tax of $5.25 per $500 of sale price (1.05%) on top of state ($0.50 per $500) and county ($0.25 per $500) portions. On a $400,000 Chicago home, total transfer tax is around $4,800, paid by the buyer for the city portion (state and county portions are paid by the seller). Voters rejected a 2024 ballot measure to raise the city portion further.
Homeowners aged 65 or older qualify for an additional $8,000 reduction in assessed value on their primary residence (or $5,000 in some counties). Combined with the standard general homestead exemption of $10,000, this can substantially reduce property tax bills. Income limits apply to the senior freeze exemption, which locks in the assessed value for those earning under $65,000.
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Mortgage Calculator
Estimate monthly mortgage payments including taxes, insurance, and PMI.