Illinois Mortgage Calculator

In Illinois, Alexander County offers the lowest median monthly mortgage payment at $460, whereas DuPage County has the highest at $2,660. This difference can heavily influence both your immediate budget and long-term financial planning, affecting your ability to save or invest for the future.

Utilizing MoneyGeek's mortgage calculator in Illinois can help you accurately estimate your monthly mortgage payment, determine which loan term suits your financial situation better, and see how much interest you pay over your loan's lifetime. Input your purchase details to clearly understand your financial commitment when you secure a mortgage.

Mortgage Calculator

Simply estimate your Illinois loan payments, taxes and PMI.

Updated: Sep 4, 2024

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Get personalized mortgage rates from Illinois.

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Key Takeaways

In Illinois, Alexander County has the lowest median monthly mortgage payment at $460, while DuPage County has the highest at $2,660.

Using a mortgage calculator can help you adjust loan terms or down payments to fit your budget and estimate total interest over the loan's life.

The average APR for a 30-year mortgage in Illinois is 6.5%, and for a 15-year mortgage, it is 5.9%.

MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot to analyze rate information for Illinois. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless otherwise stated, all rates are annual percentage rates (APRs).

See the sources cited for more details about data related to median mortgage payments, home prices, down payments and local tax rates.

Interest rate data was last updated in September 2024.

SEE MORTGAGE CALCULATORS IN NEIGHBORING STATES

How to Use Our Illinois Mortgage Calculator

MoneyGeek's mortgage calculator in Illinois can estimate your monthly mortgage payments and determine your mortgage's affordability. You'll also understand your amortization schedule, providing a clear financial path ahead.

Calculate Your Monthly Mortgage Payment

Understanding your monthly mortgage payment involves several factors, like the home's sale price and the down payment you offer. Let's guide you through using Illinois's mortgage calculator to navigate these variables.

1
Home Price
The home price directly influences your monthly mortgage payment in Illinois. A lower home price in Alexander County, at a median of $78,310, means lower monthly payments than in DuPage County, where the median is $456,160, according to the National Association of Realtors.
2
Down Payment
The size of your down payment influences your monthly mortgage payment by reducing the loan amount. Illinois's median down payment is $33,200, according to ATTOM data from September 2024.
3
Annual Percentage Rate (APR)
Your annual percentage rate (APR) impacts your monthly mortgage payment, with a lower APR resulting in lower payments. The current mortgage rates in Illinois change over time and vary between loan types. For example, the average APR for a 15-year fixed mortgage is 5.9%, and for a 30-year fixed mortgage, it's 6.5%.
4
Loan Terms
Shorter terms, like 15 years, often have higher monthly payments but result in less interest paid over the life of the loan. Conversely, a 30-year term typically has lower monthly payments but accrues more interest over time. Choosing the right term depends on your financial situation and goals.

SAMPLE MONTHLY PAYMENT CALCULATION IN ILLINOIS

Using the mortgage calculator in Illinois, you can see that the monthly payment for a 30-year fixed rate mortgage on a house costing $275,000 with a 20% down payment is $1,391. This figure does not account for additional costs such as HOA fees and property taxes.

Choosing a 15-year repayment term will alter your monthly mortgage payment to $1,845 in Illinois, impacting your immediate budget. This shift in your home loan strategy results in a total interest savings of $168,566 over the loan's duration, presenting a trade-off between short-term expenses and long-term savings.

Determine Your Mortgage's Affordability

Buying a home is one of the most significant expenses you'll encounter, and your mortgage payments will take a significant portion of your monthly income. Understanding your mortgage's affordability affects your finances, and MoneyGeek's mortgage calculator can help you determine how affordable your mortgage is. You only need to input your monthly income and other monthly debts, such as car loans and student loans.

The calculator also shows your debt-to-income ratio, a critical metric for borrowers. This ratio helps you understand how much of your income goes toward debt payments, which is essential when planning to secure a mortgage. According to Experian, the average debt in Illinois is $89,523, which translates to an average monthly debt of $7,460.

See Your Amortization Schedule

Mortgage amortization is the process of paying off a loan over time through regular payments. Key terms are:

Principal: The loan amount you borrow. Understanding this helps you see how much you owe.
Interest: The cost of borrowing the principal. Knowing this shows the total cost of your loan.

MoneyGeek's mortgage calculator allows you to see your amortization schedule and estimate the total interest you'll pay over the life of your loan in Illinois. You can also see when your monthly payments begin to go more toward your principal vs. your interest, helping you understand your payment allocation over time.

Additional Mortgage Fees in Illinois

Homebuyers in Illinois need to consider other fees when calculating monthly mortgage payments, as these can impact your budget. For example, mortgage insurance and HOA fees could increase your monthly payment. Property taxes and homeowners insurance are other costs to keep in mind.

Homeowners Insurance

Homeowners insurance protects your property and personal belongings from damage or theft. It also provides liability coverage if someone is injured on your property. The average homeowners insurance in Illinois costs $2,119 per year.

Property Tax

Property tax is a levy on real estate that homeowners must pay to the local government. It funds public services like schools and infrastructure. According to the Tax Foundation, Illinois's effective property tax rate is 2.08%, ranking it 2nd in the nation.

HOA Fees

HOA fees are payments to homeowners associations for property management, maintenance, and community amenities. These fees are typically paid monthly or annually.

Private Mortgage Insurance

Private mortgage insurance (PMI) protects lenders if a borrower defaults on a loan. It applies to conventional mortgages when the down payment is less than 20%. Borrowers must request cancellation once they reach 20% equity, or it will only be automatically removed at 22%.

How Much Is Private Mortgage Insurance in Illinois?

The average APR for a 30-year fixed loan in Illinois is 6.5%, while a 15-year fixed loan is 5.9%. Using MoneyGeek's PMI calculator, a $275,000 home with a 10% down payment and a credit score between 680 and 719 incurs a cost of private mortgage insurance of $117 monthly for a 30-year loan, reducing to $115 for a 15-year loan.

MoneyGeek's mortgage calculator in Illinois allows you to see your amortization schedule and determine when you can stop paying for PMI.

1
Calculate your monthly mortgage payment
Input the necessary information, such as the home's price, down payment and mortgage rate in Illinois. If you already know some fees you need to cover, such as property tax or HOAs, include these. If not, leave them blank but know that you'll still have to pay for these. Run the calculator and get your total monthly payment.
2
Calculate for your target equity
You can request that PMI be canceled when you've accumulated at least 20% equity in your home — this will be your target equity. To calculate your target equity, multiply your home's price by 20%.
3
Determine the remaining equity required
Your down payment already contributes towards the 20% equity you need to request your PMI's cancellation. Deduct your down payment from your target equity to get the remaining amount.
4
Establish a timeline
Go to the Amortization tab of the mortgage calculator. Move the slider until the principal paid exceeds your remaining equity required — that's the year you can stop paying for PMI.

Private Mortgage Insurance Calculator

Calculate your monthly private mortgage insurance (PMI) premium based on your credit score and down payment.

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WHEN CAN YOU CANCEL YOUR PMI?

Let's say you put an 8% down payment on a $350,000 home in Illinois. With a 6.5% APR on a 30-year fixed-rate loan, your monthly mortgage payment is $2,035. You need 20% equity to cancel PMI, equivalent to $70,000.

Since your down payment was $28,000, you must accumulate an additional $42,000. Assuming your home's value remains the same and you consistently pay your mortgage, you can request PMI cancellation by year 10.

How to Lower Your Monthly Mortgage Payment in Illinois

Your mortgage is probably the biggest expense you have each month. For a $225,000 loan in Illinois at 6.5% interest, you'll pay $1,391 monthly. However, if you can reduce your APR by 0.25%, your new monthly mortgage payment becomes $1,355. That $36 difference in monthly payment adds up — over a 30-year fixed-rate mortgage, you'll save $12,950 in total interest.

This example highlights the value of finding ways to lower monthly mortgage payments. Here are some strategies to consider:

Improve your credit score

Your credit score affects your mortgage payment. In Illinois, if you put in a down payment between 5% to 20% of the home's sale price, the average APR for a 30-year fixed rate mortgage is 6.8% if your credit score is above 740. However, if your credit score is under 680, the average APR becomes 8.1%. This change in APR makes your monthly mortgage payments go from $1,434 to $1,630.

Save for a bigger down payment

Putting a bigger down payment may result in lower monthly mortgage payments. For a $225,000 loan in Illinois, putting 8% down makes your APR 7.1%, resulting in a monthly mortgage of $1,700. Increasing your down payment to 25% puts your APR at 6.7% and a monthly mortgage of $1,331.

Choose a longer loan term

A longer loan term affects your monthly mortgage payment. A 15-year fixed rate mortgage in Illinois has an APR of 5.9%. A 20% down payment makes your monthly mortgage payment $1,845. Compare this to $1,391, which you'll have to pay each month if you change loan terms to 30 years, even if your APR increases to 6.5%.

Explore homeownership assistance programs

You can find homeowners assistance programs in Illinois that may help with your mortgage costs. Institutions like the Illinois Housing Development Authority and the Illinois Department of Commerce and Economic Opportunity offer various forms of assistance to eligible homeowners.

FAQ: Mortgage Calculations in Illinois

Understanding how to use a mortgage calculator can raise questions for potential borrowers, especially in Illinois. We've addressed commonly asked questions to help you understand how a mortgage calculator can assist in your mortgage planning.

How much mortgage can I afford in Illinois?

The amount you can afford depends on your debt-to-income ratio (DTI). Lenders typically prefer a DTI ratio below 36%.

What is the average mortgage debt in Illinois?

The average mortgage debt in Illinois was $194,636 as of 2023, according to Experian.

How much down payment do I need to purchase a house in Illinois?

The ideal down payment is 20%, but it varies by loan type. Conventional loans often require 20%, while FHA loans may require as little as 3.5%. VA loans and USDA loans typically do not require a down payment.

Do you really need private mortgage insurance in Illinois?

PMI is often required if your down payment is less than 20%. In Illinois, PMI costs approximately $115 for a 15-year mortgage and $117 for a 30-year mortgage.

What's the effective tax rate in Illinois?

Illinois's effective property tax rate is 2.08%, ranking second highest nationally.

What is the median home price in Illinois?

Median home prices vary by county. Alexander County has the lowest median home price at $78,310, while DuPage County has the highest at $456,160.

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