Updated: January 16, 2025
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In Illinois, Alexander County has the lowest median monthly mortgage payment at $360, while DuPage County has the highest at $2,340. This difference can impact your short-term budgeting and long-term financial planning.
MoneyGeek's mortgage calculator in Illinois allows you to estimate your monthly mortgage payment accurately, helping you determine which loan term best suits your financial situation. It also provides insights into the total interest paid over the life of your loan.
Simply estimate your Illinois loan payments, taxes and PMI.
Updated: Sep 4, 2024
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In Illinois, Alexander County has the lowest median monthly mortgage payment at $360, while DuPage County has the highest at $2,340.
A mortgage calculator helps manage short-term costs by adjusting loan terms or down payments and estimates total interest over the loan's life.
The average APR in Illinois is 6.8% for a 30-year mortgage and 6.2% for a 15-year mortgage.
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 October 2024.
MoneyGeek's mortgage calculator in Illinois can estimate your monthly mortgage payments, determine your mortgage's affordability and help you understand your amortization schedule.
Understanding your monthly mortgage payment involves several factors, like the home's sale price and the down payment. Here's a breakdown of each factor that contributes to your potential payments.
The home price affects your monthly mortgage payment in Illinois. A lower home price in Alexander County, at a median of $63,380, means lower monthly payments than in DuPage County, where the median is $410,660, according to the National Association of Realtors.
The size of your down payment influences your monthly mortgage payment by reducing the loan amount. Illinois' median down payment is $31,625, according to ATTOM data.
Your APR impacts your monthly mortgage payment. A lower APR means lower payments. The current mortgage rates in Illinois change over time and vary by loan type. The average APR is 6.2% for a 15-year fixed mortgage and 6.8% for a 30-year fixed mortgage.
Shorter terms, like 15 years, often have higher monthly payments but result in less interest paid over the life of the loan. A 30-year term typically has lower monthly payments but accrues more interest over time.
Using the Illinois mortgage calculator, the monthly payment for a 30-year fixed-rate mortgage on a $275,000 house with a 20% down payment is $1,434, excluding HOA fees and property taxes.
Choosing a 15-year term raises the monthly payment to $1,880, impacting your budget. However, it saves $177,863 in total interest over the life of the loan.
Buying a home is a major expense; mortgage payments often take up a big part of your income. MoneyGeek's affordability calculator helps you see how much you can afford by factoring in your income and debts like car or student loans.
The calculator also provides your debt-to-income ratio, which shows the portion of your income that goes to debt payments. The average annual debt in Illinois is $89,523, or about $7,460, according to Experian.
Mortgage amortization involves paying off a loan over time through regular payments. Key terms are:
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 than your interest, helping you understand your payment allocation over time.
Homebuyers in Illinois must consider other fees when calculating monthly mortgage payments, as these can impact their budget. For example, mortgage insurance, HOA fees, property taxes and homeowners insurance can increase monthly payments.
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 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' effective property tax rate is 2.08%, ranking it second in the U.S.
HOA fees are monthly or annual payments to homeowners associations for property management, maintenance and community amenities.
Private mortgage insurance (PMI) protects lenders if a borrower defaults. 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%.
The average APR for a 30-year fixed loan in Illinois is 6.8%, and for a 15-year fixed loan, it’s 6.2%. Using MoneyGeek's PMI calculator, for a $275,000 home with a 10% down payment, borrowers with a credit score between 680 and 719 pay PMI worth $117 monthly if they get a 30-year fixed-rate loan. This drops to $115 for a 15-year loan.
MoneyGeek’s mortgage calculator in Illinois shows your amortization schedule and helps you figure out when to stop paying for PMI.
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.
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%.
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.
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.
If you put an 8% down payment on a $350,000 home in Illinois, and you have a 6.8% APR on a 30-year fixed-rate loan, your monthly mortgage payment will be $2,099. 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 unchanged and you consistently pay your mortgage, you can request PMI cancellation by Year 10.
Your mortgage is likely your biggest monthly expense. For a $225,000 loan in Illinois at 6.8% interest, you'll pay $1,434 monthly. However, if you can reduce your APR by 0.25%, your new monthly mortgage payment becomes $1,398. That $36 difference in monthly payment adds up — over a 30-year fixed-rate mortgage, you'll save $13,120 in total interest.
This example shows the importance of lowering monthly mortgage payments. Here are some strategies to consider:
Your credit score affects your mortgage payment. In Illinois, if you put in a down payment between 5% and 20% of the home's sale price, the average APR for a 30-year fixed-rate mortgage is 6.62% if your credit score is above 740. However, if your credit score exceeds 680, the average APR becomes 7.85%. This change in APR makes your monthly mortgage payments go from $1,478 to $1,553.
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 6.75%, resulting in a monthly mortgage of $1,752. Increasing your down payment to 25% puts your APR at 6.45% and a monthly mortgage of $1,372.
A longer loan term affects your monthly mortgage payment. A 15-year fixed-rate mortgage in Illinois has an APR of 6.2%. A 20% down payment makes your monthly mortgage payment $1,880. Compare this to $1,434, which you'll have to pay monthly if you change loan terms to 30 years, even if your APR increases to 6.8%.
Illinois offers homeowners assistance programs that may help with mortgage costs. Institutions like the Illinois Housing Development Authority and the Illinois Department of Commerce and Economic Opportunity assist eligible homeowners.
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.
The amount you can afford depends on your debt-to-income ratio (DTI). Lenders typically prefer a DTI below 36%.
The average mortgage debt in Illinois was $194,636 as of 2023, according to Experian.
The ideal down payment is 20% but 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 don't require a down payment.
Private mortgage insurance (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.
Illinois' effective property tax rate is 2.08%, ranking second highest nationally.
Median home prices vary by county. Alexander County has the lowest at $63,380, while DuPage County has the highest at $410,660.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
