Waukegan, Illinois Mortgage Calculator - Monthly Payment with Taxes, PMI & Insurance
Waukegan inherits the Lake County property-tax planning benchmark of about 2.30% for this north suburban Chicago / Lake Michigan market under Lake County levies. On a $400,000 Waukegan example with 20% down at 6.5% for 30 years, principal and interest are about $2,023; tax escrow is about $767/mo, for estimated PITI near $2,890 before PMI. Confirm the parcel's overlapping districts before treating escrow as final.
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 · $671 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.
Waukegan, Illinois Mortgage Calculator - Monthly Payment with Taxes, PMI & Insurance
Illinois · Lake County
Waukegan inherits the Lake County property-tax planning benchmark of about 2.30% for this north suburban Chicago / Lake Michigan market under Lake County levies. On a $400,000 Waukegan example with 20% down at 6.5% for 30 years, principal and interest are about $2,023; tax escrow is about $767/mo, for estimated PITI near $2,890 before PMI. Confirm the parcel's overlapping districts before treating escrow as final.
Use this mortgage calculator for Waukegan, 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: 2.30%
- Configured benefits or exemptions: 2
- Reviewed sources: 4
What Changes in Waukegan, Illinois
- Data level used: city. This page uses the most specific available data layer for Waukegan, Illinois.
- Configured combined annual property tax rate: 2.30% 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 - 2.300%
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 Lake County, Illinois
Local home-purchase mortgage market context for Lake County, Illinois: in 2025 Home Mortgage Disclosure Act (HMDA) data, Lake County logged 10,537 final-action applications. The mortgage denial rate was 7.14% and the originated share was 68.48%.
These figures reflect the county market, not the city alone.
| Metric | Lake County | State |
|---|---|---|
| Final-action applications | 10,537 | 183,437 |
| Mortgage denial rate | 7.14% | 9.41% |
| Originated share | 68.48% | 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 |
|---|---|---|---|
| Waukegan (this page) | 2.30% | $767 | $2,889 |
| Cook County | 2.20% | $733 | $2,856 |
| DuPage County | 2.10% | $700 | $2,823 |
| Kane 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 Waukegan, 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 Lake County?
Lake County covers Waukegan, Vernon Hills, Gurnee, Highland Park, and other north suburban markets. 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 Lake County mortgage calculator use?
Lake County uses a local planning benchmark of about 2.30% on this page. On a $400,000 home that is roughly $9,200 per year or $767 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 Lake County PITI on $400,000?
With 20% down at 6.5% for 30 years, principal and interest are about $2,023. At ~2.30% property tax, monthly escrow is about $767; with $100 insurance, estimated PITI is about $2,890 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 Lake County escrow high on a $400,000 example?
Lake County's ~2.30% planning benchmark implies about $767/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 does the Waukegan mortgage calculator use?
Waukegan uses the Lake County planning benchmark of about 2.30% on this page. On a $400,000 home that is roughly $9,200 per year or $767 per month in escrow before exemptions or special districts. Parcel bills can still differ—verify the local levy code on the address you are buying.
What is a sample Waukegan PITI on $400,000?
With 20% down at 6.5% for 30 years, principal and interest are about $2,023. At ~2.30% property tax, monthly escrow is about $767; with $100 insurance, estimated PITI is about $2,890 without PMI. Enter your real price and down payment above to resize the estimate, including PMI if you put less than 20% down.
How does Waukegan compare with Chicago for taxes?
Both use high Illinois-style planning rates; Waukegan inherits Lake County's ~2.30% benchmark while Chicago uses Cook County's layer plus city transfer tax at closing. Compare monthly PITI here and cash-to-close separately when choosing between city and north-suburban options. Treat calculator results as planning estimates until you have a Loan Estimate and a parcel-specific tax bill.