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Illinois mortgage calculator

Pre-filled for Illinois: the median home value ($280,000) and the state's effective property tax rate of 1.92%. Change anything to match your home.

Home price
Down payment$56,000
%
Interest rateAPR, fixed
%
Loan term
Extra monthly paymenttoward principal
/ mo

Estimated monthly payment

$2,013.83

Loan $224,000 · 20% down

  • Principal & interest$1,415.83
  • Property tax$448.00
  • Home insurance$150.00
See the month-by-month schedule →
Total interest
$285,701
Total cost
$724,981
Payoff time
30 yr
PMI paid
None

Principal vs. interest by year

1: Principal 2,504, Interest 14,48612: Principal 2,671, Interest 14,3193: Principal 2,850, Interest 14,1404: Principal 3,041, Interest 13,94945: Principal 3,245, Interest 13,7456: Principal 3,462, Interest 13,5287: Principal 3,694, Interest 13,2968: Principal 3,941, Interest 13,04989: Principal 4,205, Interest 12,78510: Principal 4,487, Interest 12,50311: Principal 4,787, Interest 12,20212: Principal 5,108, Interest 11,8821213: Principal 5,450, Interest 11,54014: Principal 5,815, Interest 11,17515: Principal 6,205, Interest 10,78516: Principal 6,620, Interest 10,3701617: Principal 7,064, Interest 9,92618: Principal 7,537, Interest 9,45319: Principal 8,041, Interest 8,94920: Principal 8,580, Interest 8,4102021: Principal 9,155, Interest 7,83522: Principal 9,768, Interest 7,22223: Principal 10,422, Interest 6,56824: Principal 11,120, Interest 5,8702425: Principal 11,865, Interest 5,12526: Principal 12,659, Interest 4,33127: Principal 13,507, Interest 3,48328: Principal 14,411, Interest 2,5782829: Principal 15,377, Interest 1,61330: Principal 16,409, Interest 58430
PrincipalInterest

Amortization schedule by year

YearPrincipalInterestBalance
1$2,504$14,486$221,496
2$2,671$14,319$218,825
3$2,850$14,140$215,975
4$3,041$13,949$212,934
5$3,245$13,745$209,689
Monthly payment$2,013.83

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Illinois at a glance

Effective property tax
1.92%
Rank (1 = highest)
1st of 51
Median home value
$280,700
Median tax bill
$5,399/yr

On the same $400,000 home, property tax in Illinois adds about $640.00/month, versus $296.67/month at the national rate.

Illinois mortgage payments by home price

Home pricePrincipal & interestProperty taxTotal / month
$150,000$758.48$240.00$1,148.48
$200,000$1,011.31$320.00$1,481.31
$275,000$1,390.55$440.00$1,980.55
$425,000$2,149.03$680.00$2,979.03
$550,000$2,781.10$880.00$3,811.10

20% down, 6.5% 30-year fixed (example rate), 1.92% property tax, $1,800/yr insurance, no HOA. Also see: how much house you can afford in Illinois.

Mortgage calculators for other states

Assumptions

  • Fixed interest rate for the full term.
  • Property tax, insurance and HOA stay constant (in reality they usually rise over time).
  • PMI applies only when the loan is over 80% of the home price, and stops once the balance reaches 78% of the original price.
  • Extra payments go entirely to principal.
  • Illinois figures: Effective rate = ACS median real estate taxes paid ÷ ACS median value, owner-occupied housing units, by state. Source: US Census Bureau ACS 2024.

Frequently asked questions

What is the property tax rate in Illinois?+

The effective property tax rate in Illinois is about 1.92% of home value a year (median taxes paid $5,399 on a median home worth $280,700). That's the 1st highest of 50 states and DC, and higher than the national 0.89%. Your actual bill depends on your county, city and exemptions.

What's the mortgage payment on a median-priced home in Illinois?+

For a $280,000 home with 20% down at an example 6.5% 30-year rate, the payment is about $2,013.83 a month, including $448.00 of property tax and $150.00 of insurance.

How much income do I need to buy a home in Illinois?+

To afford the median Illinois home ($280,000) under the 28/36 guideline with 10% down and no other debts, you'd need roughly $99,000 a year in gross income at a 6.5% rate.

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Last reviewed October 14, 2026. Calculator version 1.0.0. Sources: US Census Bureau, ACS 2024 1-year, Table B25103 (Median Real Estate Taxes Paid) · US Census Bureau, ACS 2024 1-year, Table B25077 (Median Value, Owner-Occupied). Results are estimates for educational purposes, not financial, tax or lending advice. How we check our numbers.