Illinois variant. This is a Illinois-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.
With a median home value of $270,000 and an effective property tax rate of 2.08%, a typical Illinois mortgage payment combines principal, interest, taxes, and insurance into a meaningfully different number than the sticker price suggests.
What drives a Illinois mortgage payment
On the $270,000 median home with 20% down ($54,000), you'd finance about $216,000. At an illustrative 6.5% 30-year fixed rate, the principal-and-interest payment is roughly $1,365/month.
Illinois's 2.08% effective property tax adds about $468/month, and homeowners insurance plus any PMI push the all-in payment higher still. Enter your real price, rate, and down payment above for an exact figure.
About taxes and housing in Illinois
Illinois applies a single flat income tax rate to all earners, as its constitution prohibits a graduated income tax.
Illinois has among the highest effective property tax rates in the nation, which is a major factor in overall housing costs.
Illinois's economy is anchored by Chicago as a center for finance, transportation, and manufacturing, with agriculture dominant downstate.
Worked example: $270,000 home in Illinois
Price $270,000, 20% down ($54,000), loan $216,000 at 6.5% for 30 years → P&I ≈ $1,365/mo. Add property tax ≈ $468/mo (2.08% of value ÷ 12). Total before insurance ≈ $1,833/mo.
Quick reference
- State income tax: Flat 4.95%
- State sales tax: 6.25% (plus 2.59% avg local)
- Median home value: $270,000
- Median household income: $78,433
- Effective property tax rate: 2.08%
- Avg auto insurance: $1,652/yr
Frequently Asked Questions
How much is a mortgage on a $270,000 Illinois home?
With 20% down at 6.5% over 30 years, principal and interest run about $1,365/month, before Illinois's 2.08% property tax and insurance.
What is the property tax rate in Illinois?
Illinois's effective property tax rate is about 2.08% of home value per year.