Not financial advice. Mortgage FV Calculator is a software calculator, not a personal-finance product or advisory service. It computes standard financial functions and displays the results for your convenience. Nothing here constitutes, or is intended to constitute, financial, investment, tax, legal, mortgage, credit, or insurance advice. Always consult a qualified professional before making any financial decision.
Illinois mortgage costs
What a typical Illinois (IL) purchase actually costs each month once property tax, insurance and PMI are included — and how to model your own numbers.
| Median home price | $280,000 |
|---|---|
| 10% down payment | $28,000 |
| Loan amount | $252,000 |
| Principal & interest (30yr @ 6.75%) | $1,634/mo |
| Property tax (2.07%) | $483/mo |
| Homeowners insurance | $167/mo |
| PMI (until 20% equity) | $105/mo |
| Estimated total monthly | $2,389/mo |
Illustrative only, at a 6.75% sample rate with 10% down. Your rate, tax assessment and insurance premium will differ.
What makes Illinois different
Low prices with high property taxes — the payoff-vs-invest maths is unusually sensitive to the escrow line.
A median home costs $280,000 and a comparable one rents for $1,750, a price-to-rent ratio of 13.3 — the lowest in the country. At that level buying overtakes renting quickly, and the question is mostly whether you will stay long enough to clear the closing costs.
Property tax is the line that shapes a Illinois budget. The 2.07% effective rate is the 2nd highest in the country, adding $483 a month on a median $280,000 home — $5,796 a year that never amortises away and rises with assessed value long after the loan is paid off.
Entry prices are among the country's more forgiving: a median $280,000 is the 17th lowest in the country, $62,500 below the national median, so a 20% deposit is roughly $56,000.
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