Illinois Mortgage Calculator — Median $285,000 Home Payment

Estimated Monthly Payment — Median Illinois Home

$2,329

Based on $285,000 home · 20% down · 6.7% APR · 30-year fixed · taxes & insurance included

Median Price

$285,000

Property Tax

2.27%

Avg. HOA

$200/mo

Median Rent

$1,350/mo

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Estimate only. Not a loan offer, approval, pre-approval, or financial advice. Actual payments and terms may vary. Consult a licensed mortgage professional before making real estate decisions.

Market Insights

About the Illinois housing market

Illinois's housing market is well below the national average, with a median home price around $285,000. Chicago is the largest metro, with Aurora a close second. Illinois has the second-highest property tax rate in the nation; Chicago-area buyers should factor in substantially higher monthly carrying costs than the home price alone suggests. Illinois's effective property tax rate of 2.27% is one of the highest in the country.

The median Illinois home costs $285,000. At today's average 30-year fixed rate (6.7%) with 20% down, principal & interest works out to roughly $1,471, and the total monthly payment including taxes, insurance, and average HOA comes to approximately $2,329. First-time buyers in Illinois can explore programs through Illinois HFA.

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FAQ

Illinois mortgage FAQs

What's the property tax rate in Illinois?

Illinois's effective property tax rate averages about 2.27% — one of the highest in the country. On a $285,000 home, that's roughly $539/month or $6,470/year.

How much do I need to earn to afford a typical Illinois home?

Using the 28/36 rule, a buyer would need roughly $87,000–$112,000 in gross annual income to comfortably afford Illinois's $285,000 median home with 20% down at current rates.

What first-time buyer programs are available in Illinois?

IHDA offers the IHDAccess Forgivable program providing $6,000 forgivable down payment assistance and the SmartBuy program forgiving up to $40,000 of student loan debt for new homebuyers. Eligibility typically requires being a first-time buyer with income within program limits and completing homebuyer education.

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Explore median home data, property tax, and first-time buyer programs. Click any state to view its dedicated mortgage calculator page.