Illinois · IL

Illinois Mortgage Calculator

Pre-filled for Illinois: median home price $270,000, average property tax rate 2.07%. Adjust any slider to make it yours.

Second-highest property tax rate in the US.

Illinois housing at a glance

Median home price: $270,000
Effective property tax rate: 2.07% / yr
Annual property tax (median home): $5,589
Est. monthly tax escrow: $466
State income tax: Yes

Sources: regional housing data 2025 (median price), state assessor averages 2024–2025 (tax rate).

Buying a home in Illinois

The median home price in Illinois is around $270,000 and the effective property tax rate averages 2.07%of assessed value per year. Most lenders look for a debt-to-income (DTI) ratio under 43%, meaning your total monthly debt payments (including this mortgage) shouldn't exceed 43% of your gross income.

A 20% down payment on the median home in Illinois is $54,000. Putting down at least 20% eliminates private mortgage insurance (PMI), which typically adds 0.3–1.5% of the loan amount per year to your monthly payment.

Top counties in Illinois

Home prices vary significantly by county. The most populated counties in Illinois tend to command the highest medians:

Cook County: $295,000
DuPage County: $385,000
Lake County: $320,000

Adjust the home-price slider above to match the county you're buying in.

Transfer tax & closing costs in Illinois

Illinois charges $0.50 per $500 ($1 per $1,000) at the state level, plus county and many municipal transfer taxes — Chicago adds $3.75 per $500.

Beyond transfer taxes, total closing costs in Illinoistypically range from 2–5% of the purchase price — including lender origination fees, title insurance, appraisal, and prepaid interest. On the median home that's roughly $5,400–$13,500.

Foreclosure & legal context

Foreclosure type: Judicial (court-supervised)
Security instrument: Mortgage
Deficiency liability: Recourse

Illinois mortgage FAQ

What is the monthly mortgage payment for a median-priced home in Illinois?: At the current 30-year fixed rate of ~6.81%, a $270,000 home in Illinois with 20% down ($54,000) carries a principal-and-interest payment of ~$1,410/mo. Add property tax (~$466/mo at 2.07%) and homeowners insurance and your total is roughly $1,875/mo. Use the calculator above to adjust for your exact down payment and rate.
What is the property tax rate in Illinois?: The effective statewide property tax rate in Illinois averages 2.07% of assessed value per year. On a $270,000 home, that works out to roughly $5,589 per year ($466/mo). Individual county rates vary.
Does Illinois have a state income tax?: Yes, Illinois has a state income tax. This affects your net take-home pay and therefore your effective purchasing power — use our salary calculator to estimate what's left after tax.
What are the closing costs and transfer taxes in Illinois?: Illinois charges $0.50 per $500 ($1 per $1,000) at the state level, plus county and many municipal transfer taxes — Chicago adds $3.75 per $500.
What type of foreclosure does Illinois use?: Illinois uses judicial foreclosure, meaning a lender must file a lawsuit and obtain a court judgment before selling a property.

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