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.
Chicago mortgage calculator
A median-priced Chicago, IL home at 6.75% over 30 years, with Illinois property tax of 2.07% and $2,000 a year of homeowners insurance. Every figure below is computed on our amortising engine — nothing is estimated in the browser.
$2,735 a month, all in
Principal and interest are $1,880; escrow and PMI add the rest. Over the full term the loan costs $386,869 in interest. Discounted at 5%, buying here has a net present value of $200,171 ($477,598 in today’s dollars).
Within Illinois, Chicago is 2nd of the 6 Illinois markets covered here, between Naperville at the top and Rockford at the bottom of a 2.91x spread. A state-level median hides most of that.
At $322,000 to buy and $2,275 a month to rent, the price-to-rent ratio is 11.8 — low. Ownership tends to pull ahead quickly at that level, and the binding question is transaction costs rather than the monthly comparison.
Rents here are high relative to prices — a rent index of 1.30 against a price index of 1.15. That combination favours buying sooner, because the payment you avoid is larger relative to the price you pay.
Monthly cost in Chicago vs comparable rent
Owning is stacked by component; renting is the local median asking rent.
The monthly breakdown
| Median home price | $322,000 |
|---|---|
| Down payment (10%) | $32,200 |
| Loan amount | $289,800 |
| Principal & interest | $1,880/mo |
| Property tax (2.07%) | $555/mo |
| Homeowners insurance | $167/mo |
| PMI while above 80% LTV | $133/mo |
| Total monthly payment | $2,735/mo |
| Comparable rent | $2,275/mo |
What a rate move does to the Chicago payment
| Rate | Principal & interest |
|---|---|
| 5.5% | $1,645/mo |
| 6% | $1,737/mo |
| 6.5% | $1,832/mo |
| 7% | $1,928/mo |
| 7.5% | $2,026/mo |
| 8% | $2,126/mo |
Rent or buy in Chicago?
Against $2,275 a month in rent, over 7 years buying leaves you about $2,963 better off — $2,493 once 2.5% inflation is stripped out. See the Illinois rent-vs-buy page.
Where these numbers come from
Illinois medians come from editorial and are refreshed weekly. The Chicago figures index those state medians to the local market, so they track the same feed rather than going stale. Insurance and the state income tax rate are editorial. Treat everything here as a planning estimate, not a quote.