Illinois Mortgage Calculator - Monthly Payment with Taxes, PMI & Insurance
Illinois property taxes are among the highest in the country and are set locally by overlapping districts. This state page uses a broad local property-tax estimate and the state real estate transfer tax; county and city pages override high-volume markets such as Chicago, Naperville, Joliet, and Aurora.
Loan Details
$70,000 · LTV 80%
Buyer Profile
Extra Payment
Optional principal-only payment used to estimate payoff speed and interest savings.
Monthly Payment
$1,770 Principal & Interest · $613 Property Taxes · $125 Other
Methodology and limitations
Last reviewed:
Methodology
Uses standard principal-and-interest mortgage math, then models housing-cost inputs such as tax, insurance, PMI, and extra-payment scenarios where available.
Limitations
Planning estimate only. Actual approval, escrow, PMI, fees, taxes, insurance, and closing disclosures depend on lender, property, borrower profile, and local rules.
Illinois Mortgage Calculator - Monthly Payment with Taxes, PMI & Insurance
Illinois property taxes are among the highest in the country and are set locally by overlapping districts. This state page uses a broad local property-tax estimate and the state real estate transfer tax; county and city pages override high-volume markets such as Chicago, Naperville, Joliet, and Aurora.
Use this mortgage calculator for Illinois to estimate the monthly payment with principal, interest, configured annual taxes, eligible exemptions, and assistance programs when the buyer profile matches the conditions.
What This Estimate Uses
- Geographic level: state
- Configured property tax rate: 2.10%
- Configured benefits or exemptions: 2
- Reviewed sources: 4
What Changes in Illinois
- Data level used: state. This page uses the most specific available data layer for Illinois.
- Configured combined annual property tax rate: 2.10% before exemptions and buyer-specific conditions are applied.
- Configured down payment assistance programs: IHDA Access Down Payment Assistance.
Local Tax Assumptions
These are the annual tax assumptions configured for this page. The calculator applies them to the appropriate value, then accounts for exemptions or conditions when the buyer selects them.
- Illinois Local Property Tax - 2.100%
Programs and Exemptions Included
These benefits do not mean automatic approval. The calculator models them when the buyer inputs match the configured eligibility conditions.
- IHDA Access Down Payment Assistance - 5% of loan, up to $10,000 (requires: first-time buyer, primary residence)
- Mortgage Credit Certificate (MCC) - 20% of mortgage interest (requires: first-time buyer, primary residence, buyer has a Mortgage Credit Certificate)
When This Estimate Can Change
- The actual property tax bill depends on the address, overlapping taxing jurisdictions, approved exemptions, and appraised value.
- Home insurance, flood insurance, HOA dues, and PMI can vary by property, lender, and buyer profile.
- Configured closing costs include Illinois State Real Estate Transfer Tax, but other settlement charges may appear on a real loan estimate.
2025 Local Home-Purchase Mortgage Market in Illinois
Local home-purchase mortgage market context for Illinois: in 2025 Home Mortgage Disclosure Act (HMDA) data, Illinois logged 183,437 final-action applications. The mortgage denial rate was 9.41% and the originated share was 68.94%.
| Metric | Illinois |
|---|---|
| Final-action applications | 183,437 |
| Mortgage denial rate | 9.41% |
| Originated share | 68.94% |
Source: FFIEC HMDA 2025 (LAR modificado, compra de vivienda) · Texas vs California mortgage denial rates (methodology)
Local Data and Sources
Last editorial verification: May 15, 2026. This page combines the official data layers configured for Illinois.
The sources used on this page are Consumer Financial Protection Bureau mortgage cost guidance, Illinois Department of Revenue property tax statistics, Illinois Department of Revenue real estate transfer tax, Illinois Housing Development Authority Access Mortgage. Each source lists which rate, exemption, or program it validates and when it was last reviewed.
- Consumer Financial Protection Bureau mortgage cost guidance - verified May 3, 2026 - General U.S. mortgage closing-cost and mortgage-cost guidance.
- Illinois Department of Revenue property tax statistics - verified May 15, 2026 - Official source for Illinois property-tax statistics and effective tax-rate context.
- Illinois Department of Revenue real estate transfer tax - verified May 15, 2026 - Official source for Illinois state real estate transfer tax guidance.
- Illinois Housing Development Authority Access Mortgage - verified May 15, 2026 - Official IHDA source for Illinois mortgage and down payment assistance programs.
Frequently Asked Questions
Why are Illinois property taxes so important for mortgage estimates?
Illinois escrow payments can be heavily affected by school, municipal, county, park, and special district taxes. A principal-and-interest-only estimate can materially understate monthly cost.
What Illinois buyer assistance is modeled?
The state file models IHDA-style down payment assistance as a conservative percentage of loan amount capped at a planning maximum.
Does this mortgage calculator include taxes and insurance?
Yes. This calculator estimates your full monthly housing payment by combining principal and interest with property taxes, homeowners insurance, and PMI when your down payment is below 20%. The result reflects a PITI-style payment rather than principal and interest alone, which helps you compare homes and loan scenarios more realistically before talking to a lender.
When does PMI apply on a mortgage?
Private Mortgage Insurance (PMI) typically applies when your loan-to-value ratio exceeds 80%, meaning your down payment is less than 20% of the purchase price. PMI is usually added to the monthly payment until you reach sufficient equity. This calculator includes PMI in the estimate when your inputs trigger it, so you can see how a smaller down payment affects affordability.
Is a 30-year or 15-year mortgage better?
A 15-year mortgage generally has a lower rate and less total interest, but higher monthly payments because the loan is repaid faster. A 30-year mortgage spreads payments over a longer term, keeping the monthly cost lower while increasing lifetime interest. Use both term options in the calculator to compare monthly PITI and total interest for the same home price and local tax assumptions.