Calculate Your Illinois Mortgage Payment
Our calculator is pre-filled with Illinois's median home price and property tax rate. Adjust the numbers to match your situation.
Open Calculator with IL DefaultsMonthly Payment Breakdown for Illinois
Here's what your monthly payment looks like on the median Illinois home ($286,000) with 20% down at 6.5%:
Note: This estimate assumes 20% down payment ($57,200), no PMI. With less than 20% down, add $95-$191/month for PMI.
Illinois Property Taxes
Illinois's effective property tax rate is 1.96%, which is above the national average of 0.89%.
Annual Property Tax on $286,000 Home
$5,606
($467/month escrowed)
Buying a Home in Illinois: Key Facts
- Property tax rate of 1.96% is one of the highest in the nation
- More than double the 0.89% national average property tax rate
- IHDA programs can be combined with local assistance programs
- Chicago metro offers diverse housing from historic brownstones to new construction
Mortgage Calculators for Nearby States
Comparing homes across state lines? Check property taxes and home prices in neighboring states:
Illinois First-Time Homebuyer Programs
Illinois has 78 homebuyer assistance programs that can help with down payment and closing costs.
IHDAccess Forgivable
4% of purchase price up to $6,000, forgiven over 10 years
Forgivable LoanIHDAccess Deferred
5% of purchase price up to $7,500 as interest-free deferred loan
Deferred LoanIHDAccess Repayable
10% of purchase price up to $10,000 at 0% interest
Low-Interest LoanEligibility requirements typically include income limits, credit score minimums (usually 620+), and homebuyer education courses. Visit DownPaymentResource.com to search for programs you may qualify for.
Major Cities in Illinois
Home prices and property taxes can vary significantly by city. The median home price of $286,000 is a statewide average.
Illinois Mortgage FAQ
What is the property tax rate in Illinois?
The average effective property tax rate in Illinois is 1.96%. On a $286,000 home, that's approximately $5,606 per year or $467 per month added to your mortgage payment.
What is the median home price in Illinois?
The median home price in Illinois is $286,000 as of January 2026. Prices vary by location - Chicago and Aurora typically have higher prices than rural areas.
Are there first-time homebuyer programs in Illinois?
Yes, Illinois has 78 homebuyer assistance programs. Popular options include IHDAccess Forgivable, which offers 4% of purchase price up to $6,000, forgiven over 10 years.
How much do I need to buy a house in Illinois?
For the median Illinois home ($286,000), you'd need $57,200 for a 20% down payment, plus $8,580-$14,300 for closing costs. With down payment assistance, you could potentially buy with as little as $10,010 (3.5% FHA down payment).
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Calculate Your IL Mortgage Payment