Chicago, IL variant. This is a Chicago, IL-specific version of the Mortgage Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Mortgage Calculator.
Chicago's $320,000 median home and 2.1% property tax make for a distinctive mortgage payment. High-cost metros front-load the principal-and-interest portion.
Mortgage payment in Chicago
On the $320,000 median home with 20% down ($64,000), you'd finance $256,000. At 6.5% over 30 years, P&I ≈ $1,618/month.
Add Chicago's 2.1% property tax (≈ $560/month) plus insurance for the all-in payment.
About Chicago, IL
Chicago does not levy a city income tax, so residents pay Illinois state income tax but no separate municipal wage tax.
Chicago offers relatively affordable home prices for a major US city, though Illinois carries some of the highest property tax rates in the nation.
Chicago's diverse economy spans finance, manufacturing, transportation, and professional services as the largest hub in the Midwest.
Worked example: $320,000 Chicago home
Loan $256,000 at 6.5% for 30 years → $1,618/mo P&I. Property tax ≈ $560/mo. Total before insurance ≈ $2,178/mo.
Quick reference
- Median home value: $320,000
- Median rent: $2,150/mo
- Median household income: $71,673
- Local sales tax: 10.25%
- Effective property tax rate: 2.1%
- Cost of living index: 107 (US avg = 100)
Frequently Asked Questions
How much is a mortgage in Chicago?
About $1,618/month P&I on the $320,000 median home with 20% down at 6.5%.
What is the property tax rate in Chicago?
About 2.1% of home value per year.