Typical Illinois mortgage payment
The median home price in Illinois is roughly $270,000. Here's the estimated monthly principal & interest payment on that amount, by rate and term:
| Rate | 15-year | 30-year |
|---|---|---|
| 5.00% | $2,135 | $1,449 |
| 5.50% | $2,206 | $1,533 |
| 6.00% | $2,278 | $1,619 |
| 6.50% | $2,352 | $1,707 |
| 7.00% | $2,427 | $1,796 |
| 7.50% | $2,503 | $1,888 |
| 8.00% | $2,580 | $1,981 |
| 8.50% | $2,659 | $2,076 |
| 9.00% | $2,739 | $2,172 |
| 9.50% | $2,819 | $2,270 |
| 10.00% | $2,901 | $2,369 |
What a Illinois mortgage really costs (PITI)
Principal & interest alone would run about $1,707/month at 6.50% over 30 years. But Illinois's property tax - roughly 2.23% of home value per year here - adds about $502/month, and estimated homeowners insurance adds around $79/month. Your real total monthly payment (PITI) on a $270,000 Illinois home is closer to $2,287/month.
Using the standard 28%-of-income guideline, comfortably affording this home takes a household income around $98,018/year. A 20% down payment here is $54,000.
Illinois vs. its neighbors
Of Illinois and its neighbors, Kentucky has the lowest estimated total monthly payment - about $711 less per month than Illinois.
| State | Median price | Property tax rate | Est. total monthly (PITI) |
|---|---|---|---|
| Kentucky | $215,000 | 0.86% | $1,576/mo |
| Iowa | $220,000 | 1.57% | $1,743/mo |
| Indiana | $240,000 | 0.85% | $1,757/mo |
| Missouri | $250,000 | 0.98% | $1,857/mo |
| Illinois (this page) | $270,000 | 2.23% | $2,287/mo |
| Wisconsin | $290,000 | 1.85% | $2,365/mo |
What affects your Illinois payment?
- Property tax above is a statewide estimate - your county's actual rate may differ.
- Down payment: 20% down avoids private mortgage insurance (PMI).
- Loan term: a 15-year loan saves enormous interest vs. 30 years.
Median price, property tax rate and insurance are approximate estimates, not county-specific figures. Not financial advice.