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$1,995$1,430
Mortgage Rate4.125%2.136%*2.863%*
Total interest paid
Loan Term
30 year fixedYour input
15 year fixed30 year fixed
Monthly Payment$1,599$1,995$1,430
Mortgage Rate4.125%2.136%*2.863%*
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
drag me

We’ll share an interesting insight here for key milestones in your payoff schedule.

Refine Results
See latest mortgage rates
Get personalized mortgage rates from San Francisco, CA.
Principal & interest


Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

Illinois mortgage and refinance rates today (APR)

ProductInterest rateAPR
30-year fixed-rate2.852%2.907%
20-year fixed-rate2.522%2.589%
15-year fixed-rate2.091%2.171%
10-year fixed-rate2.111%2.211%
7/1 ARM2.388%3.085%
5/1 ARM2.317%3.191%
30-year fixed-rate FHA2.250%2.899%
30-year fixed-rate VA2.776%3.042%

Data source: ©Zillow, Inc. 2006 – 2021. Use is subject to the Terms of Use

Today's rate

30-year fixed

Today’s mortgage rates in Illinois are 2.907% for a 30-year fixed, 2.171% for a 15-year fixed, and 3.191% for a 5/1 adjustable-rate mortgage (ARM).

Getting ready to buy a home? We’ll find you a highly rated lender in just a few minutes.

Enter your ZIP code to get started on a personalized lender match.


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

Review IHDA lenders

at NerdWallet

Best for

Down payment assistance

Closing cost 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.

Avg. property tax rate
Avg. 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

Under "Home price," enter the price (if you're buying) or the current value (if you're refinancing). NerdWallet also has a .

Under "Down payment," enter the amount of your down payment (if you’re buying) or the amount of equity you have (if refinancing). A  is the cash you pay upfront for a home, and  is the value of the home, minus what you owe.

On desktop, under "Interest rate" (to the right), enter the rate. Under "Loan term," click the plus and minus signs to adjust the length of the mortgage in years.

On mobile devices, tap "Refine Results" to find the field to enter the rate and use the plus and minus signs to select the "Loan term."

You may enter your own figures for  and , if you don’t wish to use NerdWallet’s estimates. Edit these figures by clicking on the amount currently displayed.

The mortgage calculator lets you click "Compare common loan types" to view a comparison of different loan terms. Click "Amortization" to see how the principal balance, principal paid (equity) and total interest paid change year by year. On mobile devices, scroll down to see "Amortization."

» MORE: 

The mortgage payment calculation looks like this: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

The variables are as follows:

Determining what your monthly house payment will be is an important part of figuring out how much house you can afford. That monthly payment is likely to be the biggest part of your cost of living.

Using NerdWallet’s mortgage calculator lets you estimate your mortgage payment when you buy a home or refinance. You can change loan details in the calculator to run scenarios. The calculator can help you decide:

Mortgage lenders are required to assess your ability to repay the amount you want to borrow. A lot of factors go into that assessment, and the main one is debt-to-income ratio.

Your  is the percentage of pretax income that goes toward monthly debt payments, including the mortgage, car payments, student loans, minimum credit card payments and child support. Lenders look most favorably on debt-to-income ratios of 36% or less — or a maximum of $1,800 a month on an income of $5,000 a month before taxes.

» MORE: 

If your mortgage payment included just principal and interest, you could use a bare-bones mortgage calculator. But most mortgage payments include other charges as well. Here are the key components of the monthly mortgage payment:

Typically, when you belong to a homeowners association, the dues are billed directly, and it's not added to the monthly mortgage payment. Because HOA dues can be easy to forget, they're included in NerdWallet's mortgage calculator.

The mortgage calculator lets you test scenarios to see how you can reduce the monthly payments:

Your monthly payment can go up over time if: