Illinois Mortgage Calculator 2026

Calculate your monthly mortgage payment for a home in Illinois (IL). The median home price in Illinois is $394,781, with an effective property tax rate of 2.07% (ranked #2 nationally). Use our free calculator to compare FHA, VA, USDA, and conventional loan options with real Illinois data.

Illinois Property Tax Information

Illinois has an effective property tax rate of 2.07%, ranking #2 among all 50 states. The median annual property tax is $5,189 ($432/month). Source: Tax Foundation 2025.

Illinois Loan Limits 2026

FHA loan limit in Illinois: $524,225 (floor) to $524,225 (ceiling for high-cost areas). Conforming loan limit: $806,500 (baseline) to $806,500 (ceiling).

Estimated Monthly Payment in Illinois

For a median-priced home of $394,781 with 20% down ($78,956), at 6.5% interest over 30 years: estimated monthly principal and interest is $1,996, plus $432 in property taxes and approximately $125 in homeowner's insurance, for a total estimated payment of approximately $2,553/month.

Illinois Closing Costs

Average closing costs in Illinois are $4,702 (1.3% of purchase price), ranked #17 nationally. Illinois charges a transfer tax on real estate transactions. Source: Bankrate/LodeStar 2025.

Illinois Housing Market 2026

Home prices in Illinois have increased 5.8% year-over-year. Average days on market: 28. Inventory level: low. Currently considered a seller's market.

Down Payment Assistance Programs in Illinois

Illinois offers 3 down payment assistance programs through Illinois Housing Development Authority (IHDA):

  • 1stHomeIllinois (forgivable loan): Forgivable over 5 years. For first-time buyers in targeted areas. - Up to Up to $10,000 or 6% of purchase price
  • IHDA Access Programs (forgivable loan): Access Forgivable or Access Deferred options available. - Up to 4% or 5% of purchase price
  • Opening Doors (forgivable loan): For buyers in underserved communities. Forgivable after 5 years. - Up to Up to 4% of loan amount

Contact IHDA: https://www.ihda.org | Phone: 312-836-5200

Did You Know About Illinois?

  • Illinois has the 2nd highest property tax rate in the nation
  • Cook County (Chicago) has complex assessment appeals process
  • State and local transfer taxes can add to closing costs
  • Many suburbs offer better value than Chicago proper

Frequently Asked Questions About Buying a Home in Illinois

What is the average property tax rate in Illinois?

The effective property tax rate in Illinois is 2.07%, with a median annual tax of $5,189. This ranks #2 among all states.

What are the FHA loan limits in Illinois for 2026?

The FHA loan floor in Illinois is $524,225 and the ceiling is $524,225 for high-cost areas. The conforming loan limit baseline is $806,500.

How much are closing costs in Illinois?

Average closing costs in Illinois are $4,702, which is approximately 1.3% of the purchase price.

Are there first-time homebuyer programs in Illinois?

Yes, Illinois offers 3 down payment assistance programs through Illinois Housing Development Authority, including grants, forgivable loans, and second mortgages.

Is Illinois a good place to buy a home in 2026?

With a median home price of $394,781 and low inventory, Illinois is currently a seller's market. Home prices have increased 5.8% over the past year.

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Data last updated: 2025-11. This information is for educational purposes only and should not be considered financial advice.