Mortgage Calculator

Illinois Mortgage Calculator

The true cost of owning a home in Illinois includes property tax at 2.07%, homeowners insurance averaging $1,650/year, transfer tax, plus PMI if your down payment is under 20 percent.

Current 30 year fixed, conventional: 6.85% · as of October 10, 2026

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Your home

Home price

State median: $250,000

Down payment

Loan term Shorter term = higher payment, less total interest

Your loan

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Interest rate

Live FRED 30yr fixed: 6.85%

Monthly extras

Property tax rate

Illinois average: 2.07%

Home insurance

State average: $1,650/yr

HOA fees

Leave 0 if no HOA

Your monthly payment

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Payment breakdown

Principal & interest—

Property tax—

Home insurance—

PMI—

MIP (FHA/USDA)—

HOA—

Loan summary

Loan amount—

Down payment—

Total interest—

Loan payoff—

At closing

Illinois closing costs

Illinois charges a real estate transfer tax of about 0.100% of the sale price, typically paid by the seller.

IL state transfer tax: $0.50 per $500 ($1 per $1,000). Counties add their own (Cook +$0.25 per $500). Chicago: additional $5.25 per $1,000 (CTA + city portion). Combined Chicago rate can reach 1.2%.

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Other Midwest states

Same calculator, different numbers. Pick one to see how Illinois's costs compare.