Chicago, Illinois Mortgage Calculator - Monthly Payment with Taxes, PMI & Insurance
Chicago inherits Cook County's property-tax benchmark (~2.2%) and adds a city real property transfer-tax estimate (about 0.75% of sale price) for homes inside Chicago city limits. On a $400,000 example with 20% down at 6.5% for 30 years, P&I is about $2,023 and tax escrow is about $733/mo—estimated PITI near $2,856 before PMI. Budget transfer tax separately in cash to close.
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 · $642 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. National pages include worked PITI, term, and PMI comparison examples for planning.
Limitations
Planning estimate only. Actual approval, escrow, PMI, fees, taxes, insurance, and closing disclosures depend on lender, property, borrower profile, and local rules.
Chicago, Illinois Mortgage Calculator - Monthly Payment with Taxes, PMI & Insurance
Illinois · Cook County
Chicago inherits Cook County's property-tax benchmark (~2.2%) and adds a city real property transfer-tax estimate (about 0.75% of sale price) for homes inside Chicago city limits. On a $400,000 example with 20% down at 6.5% for 30 years, P&I is about $2,023 and tax escrow is about $733/mo—estimated PITI near $2,856 before PMI. Budget transfer tax separately in cash to close.
Use this mortgage calculator for Chicago, 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: city
- Configured property tax rate: 2.20%
- Configured benefits or exemptions: 2
- Reviewed sources: 4
What Changes in Chicago, Illinois
- Data level used: city. This page uses the most specific available data layer for Chicago, Illinois.
- Configured combined annual property tax rate: 2.20% 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 - 2.200%
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, Chicago Real Property Transfer Tax, but other settlement charges may appear on a real loan estimate.
2025 Local Home-Purchase Mortgage Market in Cook County, Illinois
Local home-purchase mortgage market context for Cook County, Illinois: in 2025 Home Mortgage Disclosure Act (HMDA) data, Cook County logged 70,644 final-action applications. The mortgage denial rate was 10.18% and the originated share was 64.43%.
These figures reflect the county market, not the city alone.
| Metric | Cook County | State |
|---|---|---|
| Final-action applications | 70,644 | 183,437 |
| Mortgage denial rate | 10.18% | 9.41% |
| Originated share | 64.43% | 68.94% |
Source: FFIEC HMDA 2025 (LAR modificado, compra de vivienda) · Texas vs California mortgage denial rates (methodology)
Nearby location comparison
Planning comparison on a $400,000 home with 20% down, 6.5% fixed for 30 years, and $100/mo insurance. Monthly tax uses each page's configured property tax rate.
| Location | Est. property tax rate | Est. monthly tax | Est. monthly PITI |
|---|---|---|---|
| Chicago (this page) | 2.20% | $733 | $2,856 |
| DuPage County | 2.10% | $700 | $2,823 |
| Kane County | 2.30% | $767 | $2,889 |
| Lake County | 2.30% | $767 | $2,889 |
| McHenry County | 2.40% | $800 | $2,923 |
| Will County | 2.40% | $800 | $2,923 |
Local Data and Sources
Last editorial verification: May 15, 2026. This page combines the official data layers configured for Chicago, 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. Use this state mortgage calculator to combine that assumption with principal, interest, insurance, and PMI, then drill into county or city pages when you have a specific address.
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. Use this state mortgage calculator to combine that assumption with principal, interest, insurance, and PMI, then drill into county or city pages when you have a specific address.
What is a sample Illinois PITI on $400,000?
With 20% down at 6.5% for 30 years, principal and interest are about $2,023. At ~2.10% statewide property-tax planning rate, monthly escrow is about $700; with $100 insurance, estimated PITI is about $2,823 without PMI. Drill into county or city calculators for address-level millage.
Why include Cook County?
Cook County is Illinois's largest mortgage market and the core Chicago-area property-tax target. Use this county mortgage calculator to combine that local assumption with principal, interest, insurance, and PMI so your monthly PITI estimate is closer to a full housing payment before you talk to a lender.
What property tax rate does the Cook County mortgage calculator use?
Cook County uses a local planning benchmark of about 2.20% on this page. On a $400,000 home that is roughly $8,800 per year or $733 per month in escrow before exemptions or special districts. Parcel bills can still differ—verify the levy code on the address you are buying.
What is a sample Cook County PITI on $400,000?
With 20% down at 6.5% for 30 years, principal and interest are about $2,023. At ~2.20% property tax, monthly escrow is about $733; with $100 insurance, estimated PITI is about $2,856 without PMI. Enter your real price and down payment above to resize the estimate, including PMI if you put less than 20% down.
Why is Cook County escrow high on a $400,000 example?
Cook County's ~2.20% planning benchmark implies about $733/month in tax escrow on $400,000—often rivaling principal and interest. Illinois affordability analysis must include taxes, not just the note rate. Use this county mortgage calculator to combine that local assumption with principal, interest, insurance, and PMI so your monthly PITI estimate is closer to a full housing payment before you talk to a lender.
What property tax rate should Chicago buyers model?
Chicago estimates on this site use Cook County's local property-tax benchmark of about 2.2%. On a $400,000 home that is roughly $8,800 per year or $733 per month in escrow before exemptions, appeals, or tax-cap adjustments. Parcel bills still vary by neighborhood TIF and levy details.
Does Chicago charge a real estate transfer tax?
Yes. This page models a Chicago real property transfer tax estimate of about 0.75% of sale price as a one-time closing cost for purchases inside city limits. On a $400,000 sale that is about $3,000 before other state or county transfer charges—confirm current rates and who pays on your contract.
What is a sample Chicago PITI payment on $400,000?
With 20% down at 6.5% for 30 years, P&I is about $2,023. At ~2.2% property tax, monthly escrow is about $733; with $100 insurance, estimated PITI is about $2,856 without PMI. High escrow is why Chicago affordability depends on tax assumptions as much as the note rate.