Illinois Mortgage Calculator
Estimate your monthly mortgage payment including taxes and insurance.
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- Updated for 2026
Use our free Illinois mortgage calculator to estimate your monthly payment including principal, interest, property taxes, and insurance. See a full amortization schedule and compare different loan terms. Rates vary by county; we use a statewide average for estimates.
Loan details
Rates vary by county. This is an estimated statewide average.
Monthly payment
$2,098.06
- Principal & interest$1,466.40
- Property tax$531.67
- Insurance$100.00
Loan amount: $232,000 · Total interest: $295,903
Monthly breakdown
Amortization schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,466.40 | $209.73 | $1,256.67 | $231,790.27 |
| 2 | $1,466.40 | $210.87 | $1,255.53 | $231,579.40 |
| 3 | $1,466.40 | $212.01 | $1,254.39 | $231,367.39 |
| 4 | $1,466.40 | $213.16 | $1,253.24 | $231,154.23 |
| 5 | $1,466.40 | $214.31 | $1,252.09 | $230,939.92 |
| 6 | $1,466.40 | $215.47 | $1,250.92 | $230,724.45 |
| 7 | $1,466.40 | $216.64 | $1,249.76 | $230,507.81 |
| 8 | $1,466.40 | $217.81 | $1,248.58 | $230,289.99 |
| 9 | $1,466.40 | $218.99 | $1,247.40 | $230,071.00 |
| 10 | $1,466.40 | $220.18 | $1,246.22 | $229,850.82 |
| 11 | $1,466.40 | $221.37 | $1,245.03 | $229,629.45 |
| 12 | $1,466.40 | $222.57 | $1,243.83 | $229,406.88 |
| 13 | $1,466.40 | $223.78 | $1,242.62 | $229,183.10 |
| 14 | $1,466.40 | $224.99 | $1,241.41 | $228,958.11 |
| 15 | $1,466.40 | $226.21 | $1,240.19 | $228,731.90 |
| 16 | $1,466.40 | $227.43 | $1,238.96 | $228,504.47 |
| 17 | $1,466.40 | $228.67 | $1,237.73 | $228,275.80 |
| 18 | $1,466.40 | $229.90 | $1,236.49 | $228,045.90 |
| 19 | $1,466.40 | $231.15 | $1,235.25 | $227,814.75 |
| 20 | $1,466.40 | $232.40 | $1,234.00 | $227,582.35 |
| 21 | $1,466.40 | $233.66 | $1,232.74 | $227,348.69 |
| 22 | $1,466.40 | $234.93 | $1,231.47 | $227,113.76 |
| 23 | $1,466.40 | $236.20 | $1,230.20 | $226,877.57 |
| 24 | $1,466.40 | $237.48 | $1,228.92 | $226,640.09 |
Showing rows 1–24 of 360
Frequently asked questions
Property tax rates in Illinois vary by county. This calculator uses a statewide average as the default; you can change the rate in the form. Check your county assessor for exact rates.
Enter your home price, down payment, interest rate, and loan term. We pre-fill Illinois's typical property tax rate. Add your annual insurance and any HOA fees. The calculator shows your total monthly payment and a full amortization schedule.
Principal and interest are calculated with the standard amortization formula. Property tax and insurance are estimates. This tool is for planning only and does not constitute financial advice.
Illinois Mortgage Overview
Illinois has some of the highest effective property tax rates in the nation, often in the 2.0%–2.4% range. That means property tax can be a large part of your monthly housing cost. This calculator helps you see how Illinois property taxes affect your total monthly payment.
Average Property Tax in Illinois
Property taxes in Illinois are levied by counties, townships, and other local bodies. Rates vary widely; we use a statewide average as the default. You can change the rate in the calculator to better match your county or municipality.
Chicago and Beyond
The Chicago metro has a mix of urban, suburban, and exurban markets. Down payment and loan term have a big impact on affordability. Use the calculator to try different scenarios and review the full amortization schedule.
Tips for Illinois Buyers
- Check your county clerk or assessor for local tax rates and exemptions (e.g., homestead).
- Homeowners insurance is typically more moderate than in coastal or disaster-prone states; still use a realistic annual figure.
- If you are considering a condo or HOA community, add monthly HOA fees in the calculator.
- Compare 15-year vs 30-year loans to see how much interest you save with a shorter term.
This calculator provides estimates only. For exact figures, consult a licensed lender and your local tax authority.