Use our free Illinois mortgage calculator to estimate your monthly mortgage payment – including principal, interest, property taxes, homeowner’s insurance, and PMI. Enter your purchase price and loan details below for an instant breakdown.
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Monthly Payment Breakdown
| Year | Beginning Balance | Principal Paid | Interest Paid | Ending Balance |
|---|
- Illinois average effective property tax rate: 2.08% – more than double the national average of 0.99%
- Median home price: ~$265,000 statewide; Chicago suburbs run $300,000-$400,000+
- IHDA Access programs offer up to $10,000 in down payment assistance for eligible buyers
- Chicago closings require an attorney by custom – budget $500-$1,500 in attorney fees
- High property taxes reduce your max purchase price vs lower-tax states at the same income level
Illinois Mortgage Rates Today
Illinois mortgage rates track closely with national averages but vary by 0.25–0.50% depending on your lender, credit score, and county. As of 2026, 30-year fixed rates in Illinois range from approximately 6.5% to 7.5% for well-qualified borrowers. Jumbo loans (above $806,500) typically run 0.25–0.375% higher than conforming rates.
| Loan Type | Illinois Rate (Approx.) | National Average |
|---|---|---|
| 30-Year Fixed | 6.75% – 7.25% | 6.85% |
| 15-Year Fixed | 6.00% – 6.50% | 6.10% |
| 5/1 ARM | 6.25% – 6.75% | 6.35% |
| FHA 30-Year | 6.50% – 7.00% | 6.60% |
| VA 30-Year | 6.25% – 6.75% | 6.35% |
Illinois Property Taxes: County-by-County Breakdown
Illinois has one of the highest property tax rates in the United States – approximately 2.08% effective rate, more than double the national average of 0.99%. Property taxes are assessed at 33% of fair market value and billed through your county.
| Illinois County | Median Home Value | Effective Tax Rate | Annual Tax (Median Home) |
|---|---|---|---|
| Cook County (Chicago) | $275,000 | 2.10% | ~$5,775 |
| DuPage County | $380,000 | 1.89% | ~$7,182 |
| Lake County | $330,000 | 2.19% | ~$7,227 |
| Will County | $265,000 | 2.19% | ~$5,804 |
| Kane County | $280,000 | 2.09% | ~$5,852 |
| Peoria County | $150,000 | 2.28% | ~$3,420 |
| Sangamon County (Springfield) | $155,000 | 2.03% | ~$3,147 |
Illinois First-Time Homebuyer Programs (IHDA)
The Illinois Housing Development Authority (IHDA) offers several programs to help first-time buyers with down payment assistance and below-market mortgage rates:
- IHDA Access Forgivable – 4% of purchase price (up to $6,000) forgiven over 10 years
- IHDA Access Deferred – 5% of purchase price (up to $7,500) as a 0% deferred loan
- IHDA Access Repayable – 10% of purchase price (up to $10,000) as a 0% 10-year loan
- 1stHomeIllinois – Combines a 30-year fixed rate with $7,500 in down payment assistance for eligible counties
Income limits apply ($95,000–$120,000 depending on household size and county). Purchase price limits typically $400,000–$500,000 for existing homes.
How Much House Can You Afford in Illinois?
Illinois’s high property taxes meaningfully reduce your buying power compared to lower-tax states. Using the 28% front-end DTI rule:
| Gross Annual Income | Max Monthly PITI (28%) | Est. Max Purchase Price (IL) |
|---|---|---|
| $60,000 | $1,400 | ~$155,000 |
| $80,000 | $1,867 | ~$215,000 |
| $100,000 | $2,333 | ~$270,000 |
| $125,000 | $2,917 | ~$345,000 |
| $150,000 | $3,500 | ~$415,000 |
| $200,000 | $4,667 | ~$560,000 |
Assumes 7% rate, 20% down, 2.1% effective property tax, $1,500/yr insurance.
Illinois Closing Costs
Illinois closing costs typically run 2%–3% of purchase price ($6,000–$9,000 on a $300K home). Key items:
- State Transfer Tax: $0.50 per $500 of purchase price; Chicago adds $7.50 per $1,000
- Attorney fees: $500–$1,500 (required by Illinois law)
- Title insurance: $1,000–$2,500
- Lender origination fee: 0.5%–1% of loan amount
- Appraisal: $500–$800
Illinois Mortgage FAQs
What is the conforming loan limit in Illinois?
In 2026, the conforming loan limit for all Illinois counties is $806,500 for a single-family home. Illinois has no FHFA-designated high-cost areas with elevated limits. Loans above $806,500 are jumbo loans with slightly higher rates.
Does Illinois have a mortgage tax?
Illinois does not impose a mortgage recording tax. However, there is a state real estate transfer tax ($0.50 per $500 of value) and some municipalities charge additional local transfer taxes – most notably Chicago.
What credit score do you need to buy a house in Illinois?
Minimum credit score by loan type: FHA – 580 (3.5% down) or 500 (10% down); Conventional – 620+; VA – no official minimum, most lenders require 580–620. For the best Illinois mortgage rates, aim for 740+.