Skip to main contentSkip to resourcesSkip to FAQs

Illinois Mortgage Calculator

Last updated: 4/27/2025

Use this mortgage calculator to estimate your monthly mortgage payments.

Loan Details

Your Loan Estimate

$0
Total Monthly Payment
Total Principal
$0
Total Interest Payments
$0
Total Loan Cost (30 yr)
$0
Payoff Date

Illinois conforming loans

ProgramRate1W ChangeAPR1W Change
30-Year Fixed Rate7.00%0.04%7.64%0.19%
20-Year Fixed Rate7.25%0.00%7.35%0.00%
15-Year Fixed Rate6.18%0.03%6.62%0.16%
10-Year Fixed Rate6.16%0.00%6.27%0.00%
7-year ARM7.63%0.00%8.13%0.00%
5-year ARM7.81%0.55%8.31%0.52%
3-year ARM--0.00%--0.00%

Last updated: 4/24/2025

Mortgage Payment Equation

Principal+
Interest+
Mortgage Insurance(if applicable)+
Escrow(if applicable)
= Total Monthly Payment

Principal

This is the actual amount you borrowed from the lender. For example, if you buy a $300,000 home with a 20% down payment ($60,000), your principal would be $240,000.

Interest

The cost of borrowing money, expressed as a percentage of the loan amount. Interest rates vary based on market conditions, your credit score, and loan type.

Mortgage Insurance

Required when your down payment is less than 20%. This protects the lender if you default on the loan. Once you build 20% equity, you may be able to remove this cost.

Escrow

A separate account that holds funds for property taxes, homeowner's insurance, and HOA dues (if applicable). Your lender collects and pays these expenses on your behalf.

Payment Schedule

For a 30-year mortgage, you'll make 360 total payments (30 years × 12 months = 360 payments). Each payment includes a portion of principal and interest, with early payments having a higher percentage of interest and later payments having a higher percentage of principal.

Mortgage Options and Terminology

Loan Term

The maximum length of time to repay your loan. Common terms are:

  • 30-year: Lower monthly payments but higher total interest
  • 15-year: Higher payments but significant interest savings
  • You can pay extra toward principal to shorten your term

Fixed Rate vs Adjustable Rate

Fixed Rate: Interest rate remains constant throughout the loan term, providing payment stability.

Adjustable Rate (ARM): Rate stays fixed initially, then adjusts periodically. Example: 5-year ARM has fixed rate for 5 years, then adjusts annually. Often starts with lower rates, ideal if you plan to move or refinance before first adjustment.

Conforming vs Non-Conforming Loans

Conforming Loans: Meet guidelines set by Fannie Mae/Freddie Mac, including maximum loan amounts. Generally offer better rates and terms.

Non-Conforming Loans: Don't meet standard guidelines. Include jumbo loans (exceed conforming limits) and other specialized programs. Terms and eligibility vary by lender.

Pro Tips

  • •Compare multiple loan types and terms to find your best fit
  • •Consider how long you plan to stay in the home
  • •Factor in potential rate changes with ARMs
  • •Ask lenders to explain all fees and terms clearly

Illinois Market Insights

Current Market Overview

The Illinois housing market remains dynamic, with the median home value at $266,320, showing a 5.7% increase over the past year. Homes are moving quickly, typically going pending in just 21 days. The median sale price has reached $283,900, reflecting a robust 10.1% year-over-year growth. Currently, there are 31,919 homes for sale across Illinois.

Market Competition

The market shows moderate competition with 26.3% of homes selling above list price. The average sale-to-list price ratio is 98%, indicating strong but balanced negotiating conditions. About 20.2% of listings see price reductions, suggesting opportunities for buyers in certain areas. New inventory remains active with 8,710 newly listed homes as of January 2025.

Property Taxes and Insurance

Illinois maintains some of the highest property tax rates nationally, ranging from 1.5-2.3%. Homeowners insurance averages $1,920 annually (approximately 0.64% of home value), though costs vary by location and coverage. Some regions may require additional coverage for specific weather-related risks.

First-Time Homebuyer Support

The Illinois Housing Development Authority (IHDA) offers various assistance programs for first-time homebuyers, including down payment assistance and favorable loan terms. With the current market conditions showing steady growth, these programs can be particularly valuable for new buyers entering the market.

Local Resources

First-Time Homebuyer Support

Property Tax & Home Buying Resources

Additional Resources

Frequently Asked Mortgage Questions

About

Our mortgage calculator helps Illinois residents estimate monthly payments and make informed home-buying decisions. All calculations are estimates and should be verified with a qualified lender.

200 E Illinois St, Chicago, IL 60611

(312) 555-8724

Disclaimer

This calculator provides estimates only. Actual loan terms and payments will vary based on your individual circumstances and current market rates. Always consult with qualified financial professionals before making decisions.

© 2025 Illinois Mortgage Calculator. All calculations are estimates.