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Illinois Mortgage Calculator

Your monthly mortgage payment in Illinois, with Illinois's effective property tax rate (2.01%) built in, at this week's average rate. The calculator starts at the state's median home value, $263,300.

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Home priceDown paymentInterest rateStarts at this week's national averageLoan termProperty taxA year, as a share of the price; about 1% is typical, varying widely by countyHome insurance a yearMortgage insurance (PMI)A year, on the loan, only below 20% downHOA dues a month

Monthly payment$2,032.95The answer

Monthly payment

$2,032.95

A $263,000 home with 20% down ($210,400 borrowed) at 7.18% over 30 years costs about $2,033 a month: $1,425 principal and interest plus $608 of tax, insurance and dues.

Principal and interest: $1,425.32
Tax, insurance, PMI and HOA: $607.63
Total interest over the loan: $302,716

Amortization by year: $210,400 at 7.18%

Year	Interest	Principal	Balance
1	$15,039.67	$2,064.21	$208,335.79
2	$14,886.48	$2,217.39	$206,118.40
3	$14,721.93	$2,381.95	$203,736.46
4	$14,545.16	$2,558.71	$201,177.74
5	$14,355.28	$2,748.60	$198,429.15
6	$14,151.30	$2,952.57	$195,476.58
7	$13,932.19	$3,171.68	$192,304.90
8	$13,696.82	$3,407.05	$188,897.84
9	$13,443.98	$3,659.89	$185,237.95
10	$13,172.38	$3,931.50	$181,306.45
11	$12,880.62	$4,223.26	$177,083.19
12	$12,567.21	$4,536.67	$172,546.53
13	$12,230.54	$4,873.33	$167,673.19
14	$11,868.89	$5,234.99	$162,438.21
15	$11,480.40	$5,623.48	$156,814.73
16	$11,063.07	$6,040.80	$150,773.93
17	$10,614.78	$6,489.09	$144,284.84
18	$10,133.22	$6,970.65	$137,314.18
19	$9,615.93	$7,487.95	$129,826.24
20	$9,060.24	$8,043.63	$121,782.60
21	$8,463.32	$8,640.55	$113,142.05
22	$7,822.10	$9,281.78	$103,860.27
23	$7,133.29	$9,970.58	$93,889.69
24	$6,393.37	$10,710.50	$83,179.19
25	$5,598.54	$11,505.34	$71,673.85
26	$4,744.72	$12,359.15	$59,314.70
27	$3,827.54	$13,276.33	$46,038.36
28	$2,842.30	$14,261.58	$31,776.78
29	$1,783.93	$15,319.94	$16,456.84
30	$647.03	$16,456.84	$0.00

Download the schedule (CSV)

This week's mortgage rates

Monthly payment in Illinois by home price (20% down, 7%, 30 years, 2.01% tax, $2,000 insurance)

Home price	Principal and interest	Property tax	Total
$130,000	$692	$218	$1,077
$200,000	$1,064	$335	$1,566
$260,000	$1,384	$436	$1,986
$390,000	$2,076	$654	$2,896
$530,000	$2,821	$889	$3,876

How this calculator works

As the mortgage calculator, with Illinois's effective property tax rate from the Census Bureau's American Community Survey 2020–2024 5-year estimates: median taxes $5,298 ÷ median value $263,300.

Questions people ask

What is the mortgage payment on a median home in Illinois?

On $263,300 with 20% down at 7% over 30 years: about $1,401 principal and interest and $441 of property tax, $2,010 a month with $2,000 a year of insurance.

What is the median home value in Illinois?

$263,300 for owner-occupied homes (Census American Community Survey 2020–2024 5-year estimates), against $332,700 nationally.

How much is property tax in Illinois?

The effective rate is 2.01%, a median $5,298 a year. See Illinois's property tax page for every county we cover.

How much income do I need for a median Illinois home?

Under the 28% guideline, about $86,123 a year for the payment above; Illinois's median household income is $83,390.

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Sources

Updated Sep 30, 2026 by the RateHerald team. The maths is tested against worked examples; report a problem.