Mortgage for Illinois (2026)
Illinois (IL) Key Facts
Median Home Price
$270,000
Average Property Tax Rate
2.27%
Average Home Insurance Rate
0.6%
Estimated Monthly Payment
$2,222
First Time Buyer Programs
2
How This Calculator Works in Illinois
This mortgage calculator lets you estimate your monthly payment on a Illinois home by factoring in the purchase price, down payment, interest rate, property taxes, and insurance. It is pre-loaded with Illinois's average property tax rate and insurance costs so you can get a realistic estimate quickly. Adjust the inputs to match your specific situation and see how different scenarios affect your monthly budget.
Illinois Overview
Illinois has a median home price of approximately $260K, with an average property tax rate of 2.27% and homeowners insurance averaging 0.6% annually. IHDA offers up to $10K down payment assistance. IHDA 1stHomeIllinois and other state programs can help first-time buyers with down payment assistance and competitive mortgage rates.
How Illinois Compares
Compared to neighboring states, Illinois's median home price of $270,000 is below the national median of about $420,000. Nearby Indiana has a median price of $240,000 with a 0.85% property tax rate. Property tax rates vary significantly among neighboring states, which can substantially impact long-term homeownership costs.
| State | Top Rate | Notes |
|---|---|---|
| Indiana | $240,000 | Median home price is $240,000 with a 0.85% property tax rate. Estimated monthly mortgage payment is about $1,691. |
| Wisconsin | $270,000 | Median home price is $270,000 with a 1.85% property tax rate. Estimated monthly mortgage payment is about $2,116. |
| Iowa | $210,000 | Median home price is $210,000 with a 1.57% property tax rate. Estimated monthly mortgage payment is about $1,597. |
The median home price in Illinois is $270,000, compared to the national median of approximately $420,000. With a 2.27% average property tax rate and 0.6% insurance rate, Illinois homeowners can expect an estimated monthly payment of about $2,222 on a median-priced home with 10% down at 6.75% interest.
Tips for Illinois Residents
- 1Illinois has a median home price around $260K. IHDA offers up to $10K down payment assistance. Research local market conditions as prices vary significantly by city and neighborhood.
- 2Property taxes in Illinois average 2.27%. Always verify your specific county's tax rate, as it directly impacts your monthly payment.
- 3Explore IHDA 1stHomeIllinois & Access programs for potential down payment assistance and favorable rates. Illinois also offers IHDA Access Forgivable. Check income limits and eligibility early in your home search.
- 4Cook County and collar counties have notably higher property taxes. Budget 2-5% of the purchase price for closing costs including lender fees, title insurance, and prepaid expenses.
- 5Chicago has additional city transfer tax. A 0.25% rate difference on a $270K home can save thousands over the life of your loan, so shop at least 3-4 lenders before committing.
Frequently Asked Questions
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