Illinois mortgage calculator

Use our free mortgage calculator to estimate your monthly mortgage payment, your principal and interest, taxes, insurance, and PMI in Illinois. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.

Illinois housing market

In Illinois, the Land of Lincoln, housing affordability roughly tracks U.S. average...s at the state-wide level: Illinoisans spend ~21% of their incomes on homes, which is slightly more than the national average spend. The housing market landscape is dominated by the Chicago metro area, which houses 9.5M of Illinois' 13M residents. Chicago real estate prices are roughly equal to the national average and have risen at a much slower pace than the national average in recent years. Illinois's population has been declining for five years in a row, which may be contributing to the slower growth in housing prices.

Your monthly payment
30 year fixed loan term
Monthly payment
Principal & interest


Property taxes

Homeowners insurance

Homeowners association (HOA) fees

Compare common loan types

Total principal: $240,000

Loan Term
30 year fixedYour input
15 year fixed30 year fixed
Monthly Payment$1,599$2,140$1,553
Mortgage Rate4.125%3.4%*3.79%*
Total interest paid
Loan Term
30 year fixedYour input
15 year fixed30 year fixed
Monthly Payment$1,599$2,140$1,553
Mortgage Rate4.125%3.4%*3.79%*
Total interest paid

See how your payments change over time for your 30 year fixed loan term

At year 0

30 year fixed loan term

Principal Paid
Interest Paid
Year 0
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We’ll share an interesting insight here for key milestones in your payoff schedule.

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Principal & interest


Illinois mortgage and refinance rates today (APR)

Loan typeAverage
1 day
1 year
30-year fixed3.889%
15-year fixed3.286%
5/1 ARM3.555%

Today’s rate

30-year fixed

Current rates in Illinois are 3.889% for a 30-year fixed, 3.286% for a 15-year fixed, and 3.555% for a 5/1 adjustable-rate mortgage (ARM).

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Illinois's first-time home buyer programs

The Illinois Housing Development Authority, or IHDA, offers several loan programs to help qualified first-time home buyers get a mortgage.

IHDAccess Forgivable

State program

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Best for

Down payment assistance

What you need to know

The name of the program may not be that creative, but it tells you what you need to know. It begins with down payment cash assistance of 4% of the home’s purchase price, up to $6,000. The cash assistance is forgiven monthly without payment over 10 years. Government loans, such as VA, FHA and USDA...

See full article

Average property tax in Illinois counties

Taking U.S. Census data, NerdWallet has crunched the numbers to help you understand what property tax rate you can expect to pay on your future home in Illinois. Because assessed values aren’t frequently updated, you may pay a higher rate at first but eventually you’ll pay a similar rate.

CountyAvg. property tax rateAvg. home value
Adams County1.61%$128,200
Alexander County1.06%$53,200
Bond County1.65%$115,200
Boone County2.23%$145,700
Brown County1.47%$88,600
Bureau County1.97%$106,800
Calhoun County1.63%$110,900
Carroll County1.61%$99,400
Cass County1.88%$76,800
Champaign County2.11%$169,200
Christian County1.65%$87,500
Clark County1.66%$87,400
Clay County0.98%$77,200
Clinton County1.75%$142,900
Coles County1.86%$93,800
Cook County1.83%$247,600
Crawford County1.45%$82,900
Cumberland County1.65%$94,000
DeKalb County2.56%$169,800
De Witt County1.71%$98,000
Douglas County1.88%$102,700
DuPage County2.06%$308,800
Edgar County1.61%$80,000
Edwards County1.39%$73,500
Effingham County1.36%$137,300
Fayette County1.32%$84,000
Ford County1.79%$100,600
Franklin County1.44%$69,900
Fulton County1.87%$84,800
Gallatin County1.24%$71,500
Greene County1.15%$76,900
Grundy County1.95%$188,300
Hamilton County1.3%$91,500
Hancock County1.73%$85,100
Hardin County0.92%$63,200
Henderson County1.46%$88,100
Henry County1.83%$115,800
Iroquois County1.88%$96,800
Jackson County1.83%$108,600
Jasper County1.12%$99,000
Jefferson County1.55%$92,700
Jersey County1.65%$135,400
Jo Daviess County1.68%$143,300
Johnson County1.37%$96,600
Kane County2.55%$237,200
Kankakee County2.16%$151,100
Kendall County2.91%$239,200
Knox County1.92%$81,700
Lake County2.36%$262,600
LaSalle County2.01%$135,300
Lawrence County1.18%$72,400
Lee County1.9%$116,500
Livingston County2.27%$109,500
Logan County1.76%$101,300
Macon County1.93%$97,000
Macoupin County1.47%$98,400
Madison County1.95%$131,600
Marion County1.65%$71,900
Marshall County2.03%$103,300
Mason County2.0%$81,000
Massac County1.52%$82,500
McDonough County1.87%$94,600
McHenry County2.8%$227,900
McLean County2.22%$167,200
Menard County1.8%$132,500
Mercer County1.99%$105,100
Monroe County1.64%$195,500
Montgomery County1.73%$81,000
Morgan County1.69%$103,400
Moultrie County1.82%$107,500
Ogle County1.99%$139,900
Peoria County2.16%$130,900
Perry County1.54%$80,500
Piatt County1.68%$128,100
Pike County1.45%$74,700
Pope County1.01%$84,100
Pulaski County1.06%$63,500
Putnam County1.41%$120,800
Randolph County1.46%$99,900
Richland County1.66%$83,200
Rock Island County2.11%$117,300
Saline County1.66%$70,500
Sangamon County1.99%$140,100
Schuyler County1.71%$83,400
Scott County1.37%$87,500
Shelby County1.7%$86,800
Stark County1.82%$85,600
St. Clair County1.94%$128,500
Stephenson County2.09%$97,700
Tazewell County1.96%$140,400
Union County1.38%$98,600
Vermilion County1.71%$77,900
Wabash County1.67%$79,000
Warren County1.69%$83,900
Washington County1.8%$108,100
Wayne County1.3%$78,600
White County1.34%$69,700
Whiteside County2.0%$102,200
Will County2.52%$230,300
Williamson County1.55%$126,600
Winnebago County2.77%$118,300
Woodford County2.13%$160,300

Source: American Communities Survey 2016, U.S. Census

What’s included in a mortgage loan calculator?

A mortgage calculator used to look kind of like your grandfather’s cell phone. A bunch of buttons, a little screen and a lot of punching in numbers to get a result. The NerdWallet home mortgage calculator is different. It can calculate your monthly mortgage payment in no time.

Any good home mortgage calculator can do that. Even that big calculator stuffed in your grandpa’s shirt pocket. But an excellent mortgage payment calculator can do more. That’s why the NerdWallet monthly mortgage payment calculator also takes into account the additional costs — like taxes and insurance — that are included in your monthly payment. It’s called a PITI mortgage calculator, for principal, interest, taxes and insurance. We can also include HOA dues and PMI — private mortgage insurance — in your monthly payment calculation.

A lot of folks forget to include all those costs and are frankly a bit surprised when their monthly mortgage payment turns out to be a lot more than they counted on. The formula working behind the curtain of the NerdWallet mortgage calculator takes that bit of uncertainty out of the picture.

How to calculate your mortgage payment

For the paper and pencil mathletes out there, the mortgage payment calculation looks like this:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

The variables are as follows:

  • M = monthly mortgage payment
  • P = the principal amount
  • i = your monthly interest rate. Your lender likely lists interest rates as an annual figure, so you’ll need to divide by 12, for each month of the year. So, if your rate is 5%, then the monthly rate will look like this: 0.05/12 = 0.004167.
  • n = the number of payments over the life of the loan. If you take out a 30-year fixed rate mortgage, this means: n = 30 years x 12 months per year, or 360 payments.

How to use a mortgage payment calculator

Determining what your monthly house payment will be is an important part of the “how much house can I afford?” decision. That monthly payment is likely to be the biggest part of your living overhead.

Using this tool to calculate your mortgage payment can help you run various scenarios in your decision process for buying a home. You may consider:

  • How long of a home loan term is right for you? A 30-year fixed-rate mortgage will lower your monthly payment, but you’ll pay more interest over the life of the loan. A 15-year fixed-rate mortgage can reduce the total interest you’ll pay, but your monthly payment will be higher. Regardless of which term you choose, fixed-rate mortgages have interest rates that are locked in for the life of the loan.
  • Is an ARM a good option? Adjustable-rate mortgages start with a “teaser” interest rate, and then the loan rate changes — higher or lower — over time. A 5/1 ARM can be a good choice, particularly if you plan on being in a home for just a few years or so. You’ll want to be aware of how much your monthly mortgage payment can change, especially if interest rates are trending higher.
  • If you’re buying too much home. The NerdWallet mortgage payment calculator can help you take a reality check on just how much home you can afford, especially when considering your all-in costs, including taxes, insurance and PMI.
  • Are you putting enough money down? With minimum down payments commonly as low as 3% these days, it’s easier than ever to put just a little money down. The mortgage payment calculator can help you decide what the best down payment for you may be.

What are the monthly costs built into a monthly mortgage payment?

If your mortgage payment included just principal and interest, you could use a bare-bones mortgage calculator. But that’s rarely the case these days. There are a lot of costs that can be built into a monthly mortgage payment. Here are the five key components in play when you calculate mortgage payments:

  • Principal: Typically, this would be the home’s purchase price, less any down payment It’s the amount you borrow. If you’re buying a $500,000 home and put down $100,000, the principal would be $400,000.
  • Interest: What the lender charges you to loan you the money. Interest rates are expressed as an annual percentage.
  • Property taxes: The annual tax assessed by a government authority on your home and land.
  • Mortgage insurance: If your down payment is less than 20% of the home’s purchase price, you’ll likely pay mortgage insurance. It protects the lender’s interest in case a borrower defaults on a mortgage. Once the equity in your property increases to 20%, the mortgage insurance is canceled, unless you have an FHA loan.
  • Homeowners association (HOA) fee: This is paid by homeowners to an organization that assists with upkeep, property improvements and shared amenities.

Can I lower my monthly payment?

This is where a mortgage calculator can really bring some clarity to the home buying process: by helping you to work different payment scenarios.

Here are ways you can lower your monthly payment:

  • Extend the number of years for the loan. It’s called the loan term, something we mentioned above. As we said, your payment will be lower but you’ll be paying a lot more interest over the added years. Review your amortization schedule to see the impact of extending your loan.
  • Buy less house. Obviously, taking out a smaller loan means a smaller monthly mortgage payment.
  • Avoid paying PMI. By putting down 20% or more, you won’t have to pay private mortgage insurance. That can be another option to consider as you run “what ifs” in the mortgage calculator tool. However, if you’re looking at FHA loans, mortgage insurance can last for the entire length of the loan.
  • Get a better interest rate. Putting more money down not only can eliminate PMI, but lower your interest rate, too. That means a lower monthly mortgage payment. Shopping at least three lenders can also increase your odds of getting a better mortgage interest rate.

Can my monthly payment go up?

Now, you’ve calculated your monthly mortgage payment and you’ve got a number you’re happy with. What could make your payment go up from there:

  1. If you have an adjustable-rate mortgage, as we mentioned above.
  2. If costs included in your mortgage payment, such as property taxes or homeowners insurance premiums, go up. And they will, eventually.
  3. If your mortgage loan servicer charges a late payment fee.