Illinois Mortgage Calculator 2026
Illinois has the second-highest property tax rate in the nation at 2.27%, which is the single most important factor for buyers to understand. On a $270,000 home, property taxes alone add approximately $511 per month to your payment — more than many buyers expect.
Calculate Your Illinois Mortgage Payment
Pre-filled with Illinois averages — adjust any value to match your situation.
= $54,000 down
Estimated Monthly Payment Breakdown
Based on $270,000 home price, 20% down, 30-year fixed at 7.25%.
Illinois Property Taxes & Income Tax
Illinois's 2.27% average property tax rate means a $270,000 home costs ~$511/month in taxes. Rates vary significantly by county and municipality. The General Homestead Exemption reduces assessed value by $10,000. The state income tax is a flat 4.95%.
Illinois Homeowners Insurance
Illinois has moderate insurance costs at $1,200–$1,600/year. Tornado risk affects central and southern Illinois. Flooding is a concern near the Chicago River and in low-lying communities. Budget $100–$140/month.
Illinois Housing Market Overview
Chicago offers a wide range of prices from affordable South and West Side neighborhoods to premium Lincoln Park and North Shore suburbs. The market has been relatively stable with modest appreciation. Downstate Illinois (Peoria, Springfield, Rockford) offers very affordable housing. High property taxes are a primary driver of population outmigration.
Frequently Asked Questions
What is the average mortgage payment in Illinois?
Based on Illinois's median home price of $270,000, a 20% down payment, and a 30-year fixed rate of 7.25%, the estimated total monthly payment (PITI) is approximately $2,101/month.
What is the conforming loan limit in Illinois?
The conforming loan limit in Illinois is $766,550. Loans above this amount are jumbo loans requiring stronger credit and larger down payments.
Can I get a USDA loan in Illinois?
Yes — Illinois has USDA-eligible rural areas where qualifying buyers can purchase a home with zero down payment. Use the USDA eligibility map to check specific addresses.
Are VA loans available in Illinois?
Yes — eligible veterans, active-duty service members, and surviving spouses can use VA loans in Illinois with no down payment and no PMI. The VA loan limit in Illinois is $766,550.
Illinois Loan Limits
Illinois Homebuyer Programs
4% of the purchase price (up to $6,000) in forgivable down payment assistance for qualifying first-time buyers.
Learn more →