US mortgage calculator (all states)
Illinois' median home value is approximately $275,000 in early 2026 — one of the most affordable among major US states. However, Illinois has one of the highest effective property tax rates in the United States at approximately 1.8–2.3%, meaning annual property taxes on the median home can reach $4,950–$6,325. This significantly impacts total monthly housing costs. Current 30-year fixed mortgage rates in Illinois are around 6.3–6.6% in 2026. The Illinois Housing Development Authority (IHDA) offers first-time buyers down payment assistance of up to $15,000 through the IHDA SpringBoard program. Buyers in Chicago should factor in Cook County's particularly high property taxes when budgeting.
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State: Illinois (median-style home price, tax, and insurance pre-filled — edit as needed)
Illustrative property tax and insurance — Cook County and IHDA caps vary. Not a loan offer.
Dollar amount. PMI applies when under 20% of home price.
PMI is estimated at 0.5% of the loan amount per year when your down payment is below 20% of the purchase price.
Total monthly payment
$1,994
Amortization summary: fixed rate; effective rate equals your quoted rate. Taxes, insurance, PMI, and HOA are shown separately from P&I.
| Year | Median Price | Change YoY |
|---|---|---|
| 2024 | ~$268,000 | +3.1% |
| 2025 | ~$272,000 | +1.5% |
| Early 2026 | $275,000 | +1.1% |
| Home Value | Effective Rate | Annual Tax |
|---|---|---|
| $200,000 | ~2.0% | ~$4,000 |
| $275,000 | ~2.0% | ~$5,500 |
| $500,000 | ~2.0% | ~$10,000 |
Illinois' effective property tax rate of 1.8–2.3% is among the highest in the United States — nearly 4x higher than Colorado and 2.5x higher than Arizona. On Illinois' median home of $275,000, annual property taxes are $4,950–$6,325. Cook County (Chicago) rates are at the higher end of this range. These costs add $412–$527 per month to your housing expense on top of your mortgage payment — a critical factor when calculating affordability.
The Illinois Housing Development Authority (IHDA) operates the SpringBoard program for first-time buyers. IHDA SpringBoard offers 30-year fixed mortgages at rates typically 0.25–0.75% below market, plus down payment assistance of up to $10,000–$15,000 — approximately 5% of purchase price. Assistance is provided as a zero-interest forgivable second mortgage in some programs. Income limits and purchase price caps apply and vary by county. Some IHDA programs specifically target under-served communities and first-time buyers only.
| Term | Rate | Monthly Payment | Total Interest |
|---|---|---|---|
| 30-year fixed | 6.45% | $1,380 | $276,680 |
| 15-year fixed | 5.95% | $1,854 | $113,640 |
Illustrative principal & interest only — excludes taxes, insurance, and PMI. Use the calculator above for your scenario.
Illinois' median home value is approximately $275,000 in early 2026. Chicago suburbs average $320,000–$420,000, while downstate Illinois cities like Springfield and Peoria are much more affordable at $140,000–$200,000.
Illinois has one of the highest effective property tax rates in the US at approximately 1.8–2.3% of home value. On a $275,000 home, annual property taxes are approximately $4,950–$6,325, adding $412–$527 per month to your housing costs on top of your mortgage payment.
Current 30-year fixed mortgage rates in Illinois are approximately 6.3–6.6% in 2026. IHDA SpringBoard program participants may access rates 0.25–0.75% below market through approved lenders.
The Illinois Housing Development Authority (IHDA) SpringBoard program offers first-time buyers 30-year fixed mortgages at below-market rates plus down payment assistance of $10,000–$15,000. Assistance is provided as a low-interest or forgivable second mortgage. Income limits and purchase price caps apply by county.
Conventional loans require 5–20% down. FHA loans require 3.5%. VA loans offer 0% for eligible veterans. On Illinois' median home of $275,000, a 5% down payment is $13,750 and 20% is $55,000. IHDA assistance of up to $15,000 can cover most or all of the 5% requirement.
Most Illinois lenders follow standard guidelines: maximum DTI of 43–45% for conventional loans and up to 50% for FHA. Critically, when calculating DTI in Illinois, lenders include your full property tax payment — which at 2% can add $400–$500/month to your debt load compared to lower-tax states.
Educational estimates only. Not a lender pre-approval.