Mortgage Calculator — Illinois
Pre-filled with Illinois's average home price of $270000, property tax rate of 2.05%, and average insurance of $1800/year. Adjust any value below.
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Illinois Housing Market
Illinois has the second-highest property tax rate in the nation at over 2%, which adds significant carrying costs even on modestly priced homes. The Chicago metro area dominates the state's housing market.
Affordability in Illinois
While Illinois home prices are below the national median, extremely high property taxes mean total monthly housing costs are often comparable to higher-priced states. A $300,000 home can carry $500–$600/month in property taxes alone.
Key Markets
First-Time Buyer Programs in Illinois
IHDAccess Forgivable
Down payment assistance of 4% of the purchase price (capped), forgiven monthly over 10 years. Income and purchase-price limits apply.
IHDAccess Deferred
Larger assistance as a 0% deferred loan, repaid only when you sell, refinance or pay off the first mortgage.
Mortgage Credit Certificate
Federal tax credit on part of the mortgage interest you pay each year, available with IHDA first mortgages.
Programs are run by the Illinois Housing Development Authority (IHDA). Income limits, price limits and assistance amounts change often — confirm current terms with the agency or an approved lender.
Property Tax in Illinois
Illinois has some of the highest property taxes in the US. Cook County reassesses every three years, and the General Homestead Exemption lowers the taxable value of an owner-occupied home. At Illinois's average effective rate of 2.05%, a $270,000 home pays roughly $5,540/year (about $462/month).
Illinois Conforming Loan Limit
In 2026, the conforming loan limit is $832,750 in most counties. Designated high-cost areas can go up to $1,249,125. Loans above the limit are jumbo loans and usually need a larger down payment.
Closing Costs in Illinois
Illinois charges a state transfer tax of $1.00 per $1,000 plus a county tax of $0.50 per $1,000, usually paid by the seller. Chicago adds its own transfer tax, part of which is paid by the buyer. Most buyers also pay attorney fees, because using an attorney at closing is standard in Illinois.
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