Buying in Illinois: what the numbers look like
Property taxes are the line to watch in Illinois: at an average effective 2.07% — 2nd highest in the country versus a ~0.94% national average — the typical $265,000 home carries roughly $5,486 a year ($457 per month) in tax before you've paid a dollar of principal. On the insurance side, Illinois homeowners average about $2,900 a year — near the 50-state average of $2,682.
Put together at an illustrative 6.5% rate (30-year, 20% down), the typical Illinois purchase pencils out near $2,039/month: $1,340 principal & interest + $457 tax + $242 insurance. That's the number the calculator above starts from — swap in your real price, rate quote, and county figures to make it yours.
Property taxes & closing costs in Illinois
Second-highest effective property tax rate in the U.S. — on the median home it rivals the principal-and-interest payment's escrow share.
Transfer tax: State transfer tax of $0.50 per $500 (0.1%) plus county $0.25 per $500; Chicago adds much more. Closing costs also include lender, title, and recording fees — typically 2–5% of the price all-in.
Illinois at a glance
| Typical home value (Zillow, 2025) | $265,000 (35th highest) |
| Avg. effective property tax (2023) | 2.07% ≈ $457/mo |
| Avg. home insurance (2025) | $2,900/yr ≈ $242/mo |
| Example payment (typical home, 6.5%, 20% down) | $2,039/mo |
Frequently asked questions
How much is the mortgage payment on a typical Illinois home?
The typical Illinois home runs about $265,000 (Zillow, 2025). With 20% down ($53,000) on a 30-year loan at an illustrative 6.5% rate, the full monthly payment is roughly $2,039 — $1,340 principal & interest, $457 property tax, and $242 insurance. Adjust every input above to match your own price and quote.
What is the property tax rate in Illinois?
Illinois's average effective rate is 2.07% of home value — the 2nd highest in the nation (Tax Foundation, 2023 data). On the typical $265,000 home that is about $5,486 per year. Second-highest effective property tax rate in the U.S. — on the median home it rivals the principal-and-interest payment's escrow share.
How much is homeowners insurance in Illinois?
Roughly $2,900 per year on average for $300k of dwelling coverage (Bankrate, 2025) — above the 50-state average of $2,682. Your premium depends on the home’s age, construction, claims history, and coverage limits, so quote several insurers.
Nearby states & more tools
Compare: Wisconsin mortgage calculator · Indiana mortgage calculator · Missouri mortgage calculator · Iowa mortgage calculator — or see all 50 states compared.
Not sure of your price range? Start with the home affordability calculator, then fine-tune here. The full mortgage calculator has extra payments and PMI controls too.
Data & sources: Property tax — Effective property tax rate on owner-occupied housing, calendar year 2023 (Tax Foundation analysis of Census ACS data, published 2025). Home value — Typical home value, Zillow Home Value Index (ZHVI), 2025, rounded to the nearest $5,000. Insurance — Average annual homeowners insurance premium for $300k dwelling coverage (Bankrate/Quadrant 2025), rounded to the nearest $50. State-level figures are planning defaults, not quotes: property taxes vary by county and city, insurance varies by home and insurer, and home values move monthly. Every value prefills the calculator but remains editable. The 6.5% rate is illustrative, not an offer or a prediction — always enter a real quote.
Disclaimer: Educational purposes only — not financial advice. See our Terms of Use.