Illinois Mortgage Calculator

Calculate your monthly mortgage payment in Illinois. Pre-filled with Illinois's average property tax rate of 1.97%. See principal, interest, PMI, property taxes, and insurance.

$70,000

Monthly Payment Breakdown

Principal & Interest
$1,770
Property Tax
$575
Homeowner's Insurance
$100
Total Monthly Payment
$2,444

Loan Summary

Home Price
$350,000
Down Payment
$70,000
Loan Amount
$280,000
Total Interest
$357,125
Total Cost(P&I + down payment)
$707,124

See how this mortgage fits your financial plan

Your estimated payment is $2,444/month. See how it fits alongside your income, savings, investments, and other expenses over time.

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Illinois Housing Overview

Illinois has an average property tax rate of 1.97%. Illinois' cost of living is near the national average overall, but property taxes are 2-3x the national average.

Property Tax: 1.97%Flat 4.95% rateVery high property taxesNo tax on retirement income

Buying a Home in Illinois

If you're considering buying a home in Illinois, understanding the local housing market and costs is essential. Property taxes, insurance rates, and home prices vary significantly by area within the state. This calculator pre-fills Illinois's average property tax rate of 1.97% to give you a more accurate estimate.

Illinois Property Taxes

Illinois has an average effective property tax rate of 1.97%. Property taxes are a significant component of your monthly housing cost — on a $350,000 home, a 1.97% rate means approximately $6895 per year, or $575 per month in property taxes alone.

Cost of Living in Illinois

Illinois' cost of living is near the national average overall, but property taxes are 2-3x the national average. When evaluating whether to buy a home in Illinois, consider how your mortgage payment plus other housing costs fit within the recommended 28% of gross income guideline.

Financial Tips for Illinois Homebuyers

  • Illinois' 4.95% flat rate is straightforward but watch out for very high property taxes
  • Chicago offers competitive salaries in finance, tech, and healthcare
  • Illinois does not tax retirement income including Social Security, pensions, and 401(k) distributions
  • Consider that Illinois' high property taxes offset some of the benefit of the moderate income tax

Key Illinois Features

  • Flat 4.95% rate
  • Very high property taxes
  • No tax on retirement income
  • Major financial hub in Chicago

See How Your Illinois Mortgage Fits Your Financial Plan

This calculator shows your Illinois mortgage payment. Trajectoryy's full simulator shows how that payment fits alongside your income, taxes, savings, investments, and more.

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Compare Illinois Mortgage Costs with Other States

Wisconsin1.61% property taxIndiana0.85% property taxIowa1.53% property taxCalifornia0.71% property taxTexas1.80% property taxFlorida0.89% property tax

Frequently Asked Questions

What is the average property tax rate in Illinois?
The average effective property tax rate in Illinois is approximately 1.97%. This rate is applied to the assessed value of your property, which may differ from the market value depending on Illinois's assessment practices. Property tax rates can also vary significantly by county and municipality within the state.
How much does a typical mortgage payment cost in Illinois?
Your mortgage payment in Illinois depends on the home price, your down payment, interest rate, and loan term. With Illinois's average property tax rate of 1.97%, property taxes add a meaningful amount to your monthly payment. Use the calculator above with your specific numbers to get an accurate estimate.
Is Illinois an affordable state to buy a home?
Illinois' cost of living is near the national average overall, but property taxes are 2-3x the national average. When evaluating affordability in Illinois, consider not just the home price but also property taxes (1.97% average), homeowner's insurance costs, and any HOA fees common in your area.
How do Illinois property taxes compare to other states?
Illinois's average property tax rate of 1.97% can be compared against the national average of roughly 1.1%. States like New Jersey (2.23%) and Illinois (1.97%) have among the highest rates, while Hawaii (0.28%) and Alabama (0.40%) have among the lowest.
What first-time homebuyer programs are available in Illinois?
Most states, including Illinois, offer first-time homebuyer programs through their state housing finance agency. These typically include down payment assistance, below-market interest rates, and closing cost grants. Check with Illinois's housing authority and the FHA, VA, and USDA loan programs for additional options.

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