How is my Illinois mortgage payment calculated?

Your monthly mortgage payment includes principal and interest (P&I), plus escrowed amounts for property taxes and homeowner's insurance. If your down payment is less than 20%, it will also include Private Mortgage Insurance (PMI).

What is the average property tax rate in Illinois?

Illinois has some of the highest property taxes in the U.S., with an average effective property tax rate often around 2.0% to 2.5% of a home's value, though it varies significantly by county and municipality.

Do I have to pay PMI in Illinois?

Private Mortgage Insurance (PMI) is typically required by lenders in Illinois, as in other states, if your down payment is less than 20% of the home's purchase price. It protects the lender in case you default.

Can I include closing costs in this calculation?

This calculator focuses on the monthly mortgage payment. Closing costs are typically paid upfront at the time of closing and are not usually rolled into the monthly payment, though some loan programs allow financing a portion of them.

Financial

Illinois Mortgage Payment Calculator

Estimate your monthly mortgage payment in Illinois, including principal, interest, property taxes, and insurance. Plan your home purchase.

Home Price [USD]

Down Payment [USD]

Annual Interest Rate [%]

Loan Term [Years]

Annual Property Tax Rate [%]

Annual Home Insurance Premium [USD]

Calculation Results

Estimated Monthly Payment

$2,191.96

Total Interest Paid

$306,106.77

Total Cost of Loan

$789,106.77

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How to Use the Illinois Mortgage Payment Calculator

Follow these steps to use the Illinois Mortgage Payment Calculator.

1
Step 1
Enter the total home price you plan to purchase in Illinois.
2
Step 2
Input your down payment amount or percentage.
3
Step 3
Specify your desired loan term and the estimated annual interest rate.
4
Step 4
Adjust the annual property tax rate and home insurance premium for your specific Illinois location.
5
Step 5
Click 'Calculate' to see your estimated monthly mortgage payment.

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Fed Rate

3.64%

10yr Treasury

4.31%

Updated 04:19 PM

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Illinois Mortgage Payment Calculator

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How to Use the Illinois Mortgage Payment Calculator

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