2026 data · 1.97% property tax · Median home $240,100
Illinois Mortgage Calculator
A median-priced home in Illinois ($240,100) costs roughly $1,770 per month all-in (PITI), assuming 20% down and a 30-year fixed at 7.0%. Illinois's effective property tax rate is 1.97% — well above the US average of about 1.0%.
Illinois median-home monthly payment
$1,770/mo
P&I $1,278 · Tax $394 · Insurance $98
@ $240,100 price, 20% down, 30-yr fixed at 7.0%
For a custom calculation with your specific numbers (different down payment, rate, term, or home price), use the main mortgage calculator — it includes a full amortization schedule.
Monthly payments at common home prices in Illinois
| Home price | 20% down | P&I | Prop tax | Insurance | Total PITI/mo |
|---|---|---|---|---|---|
| $200,000 | $40,000 | $1,064 | $328 | $82 | $1,474 |
| $240,100 (state median) | $48,020 | $1,278 | $394 | $98 | $1,770 |
| $300,000 | $60,000 | $1,597 | $493 | $123 | $2,212 |
| $400,000 | $80,000 | $2,129 | $657 | $163 | $2,949 |
| $500,000 | $100,000 | $2,661 | $821 | $204 | $3,686 |
| $750,000 | $150,000 | $3,992 | $1,231 | $306 | $5,529 |
Calculations use Illinois's 1.97% effective property tax rate, estimated homeowners insurance at 0.49%/year of home value, 30-year fixed at 7.0%, no PMI (20% down). Closing costs not included.
Illinois property tax
Effective rate
1.97%
Median home value
$240,100
Median property tax
$4,942/yr
Illinois has the 2nd-highest effective property tax rate (1.97%). Cook County (Chicago) homestead exemption is $10,000 plus additional senior and disability exemptions. Property tax bills are paid in arrears (one year behind).
See our property tax calculator for a state-by-state property tax breakdown, and our Illinois paycheck calculator to estimate take-home pay against this monthly housing cost.
Illinois vs neighboring states
| State | Property tax rate | Median home | Median tax/yr | |
|---|---|---|---|---|
| Illinois (this page) | 1.97% | $240,100 | $4,942 | |
| Wisconsin | 1.63% | $231,200 | $3,796 | Wisconsin mortgage → |
| Iowa | 1.40% | $185,100 | $2,650 | Iowa mortgage → |
| Missouri | 0.88% | $207,400 | $1,808 | Missouri mortgage → |
| Kentucky | 0.80% | $177,400 | $1,382 | Kentucky mortgage → |
FAQs about Illinois mortgages
What is the property tax rate in Illinois?
Illinois's effective property tax rate is 1.97%, meaning the average homeowner pays roughly 1.97% of their home's value in property tax annually. On a $240,100 home (the state median), that's about $4,942 per year, or $412 per month added to your mortgage payment.
What is the average monthly mortgage payment in Illinois?
For a home at Illinois's median value of $240,100, assuming 20% down, a 30-year fixed mortgage at 7.0%, and Illinois's 1.97% property tax + estimated insurance, the typical monthly PITI payment is approximately $1,770. This includes $1,278 principal & interest, $394 property tax, and $98 homeowners insurance.
How much income do I need to buy a house in Illinois?
Using the standard 28% front-end DTI rule, you'd need annual income of approximately $75,857 to comfortably afford Illinois's median-priced home. Lenders typically allow up to 43% total DTI (including all debts), which corresponds to about $49,395 annual income at the maximum end. Your specific qualification depends on credit score, down payment, debts, and lender requirements.
Is Illinois a good state to buy a house?
Illinois's combination of 1.97% property tax (well above the national average of ~1.0%) and median home value of $240,100 make it one of the more affordable states for homeowners. Illinois has the 2nd-highest effective property tax rate (1.97%).
How does Illinois property tax compare to neighboring states?
Illinois's 1.97% rate compares to: Wisconsin at 1.63%, Iowa at 1.40%, Missouri at 0.88%, Kentucky at 0.80%. Property taxes can differ substantially between bordering states — moving 30 miles across a state line can change your annual tax bill by thousands.
Does Illinois have a homestead exemption?
Illinois has the 2nd-highest effective property tax rate (1.97%). Cook County (Chicago) homestead exemption is $10,000 plus additional senior and disability exemptions. Property tax bills are paid in arrears (one year behind).
What's included in PITI?
PITI stands for Principal, Interest, Taxes, and Insurance — the four standard components of a mortgage payment. For your Illinois mortgage, the breakdown on a median-priced home would be: Principal & Interest $1,278, Property Tax $394, Homeowners Insurance $98. Add PMI if your down payment is under 20%, and HOA fees if your home is in a community with one.