How much is property tax on a home in Illinois?

Illinois homeowners pay an effective property tax rate of about 1.92 percent of home value — the 1st highest of the 50 states and DC. On the state's median home value of $280,700 that works out to roughly $5,395 a year, or $450 a month added to the mortgage payment. The figures come from the Census Bureau's American Community Survey 2024 1-year estimates; your own bill depends on the county and city rates where the home sits.

What is the monthly payment on a median-priced Illinois home?

At $281,000 with 20 percent down and the current 6.58 percent national 30-year fixed average, principal and interest come to about $1,433 a month. Adding Illinois property tax of roughly $450 a month and an estimated $82 of homeowner insurance brings the full payment to around $1,964.

What home loan options are available in Illinois?

Illinois buyers can use conventional loans with a 660 credit score and 3 percent down, with PMI canceled once you owe less than 80 percent of the home value. FHA loans need just a 580 score and 3.5 percent down and allow gift funds. Veterans qualify for zero down VA loans after 181 days of service, and USDA loans serve rural buyers with a 640 score earning under 115 percent of area income.

What does Illinois offer first-time homebuyers?

Illinois programs include Opening Doors, a low cost 30-year fixed mortgage with an interest-free second mortgage for closing costs and down payment, SmartBuy, which pairs closing cost help with student loan payoff assistance, and three IDHA Access options offering 4 to 10 percent of the purchase price as forgivable, deferred, or repayable down payment and closing cost assistance.

What credit score is needed for a mortgage in Illinois?

FHA loans are the most lenient, requiring only a 580 credit score with 3.5 percent down. Conventional lenders look for at least a 660 score plus an average debt ratio, while USDA loans for rural areas of Illinois want a 640 or better. VA loans have the most flexible underwriting guidelines of all for eligible veterans.

Illinois (IL) Mortgage Calculator

Purchase price

Down payment

% ($56,200)

Mortgage term

years

Interest rate

Property tax

$/year

Property insurance

$/year

HOA fees

$/month

PMI

Extra monthly payment

$/month

Start date

Amortization schedule

show by year show by month don't show

$1,964

Monthly payment

$1,433

Principal & interest

$450

Taxes

$82

Insurance

HOA fees

Loan balance over time

Balance Principal paid $224,800 Interest paid $290,985

20262056

Total of 360 payments	$707,155
Principal	$224,800
Interest	$290,985
Taxes	$161,850
Insurance	$29,520
HOA fees	$0

P&I 72.9% Taxes 22.9% Insurance 4.2%

15- vs 30-year term at 6.58%

15-year

$1,968/mo P&I

$129,467 total interest

30-year · current

$1,433/mo P&I

$290,985 total interest

The 15-year term saves $161,518 in interest. Which term is right for you?

What these numbers come from

Median home value: $280,700
Median tax bill: $5,399
Effective tax rate: 1.92%
Rank of 51: 1st highest

Illinois taxes property at about 1.92% of value against 0.89% nationally. On a $281,000 home that is $241 a month more than the same house would cost in taxes at the national rate. Rates are set by counties, cities and school districts, so your own bill will differ from the state median — put your actual figure in the property tax field and the payment updates.

Tax and home value figures: U.S. Census Bureau, American Community Survey 2024 1-year estimates. Insurance is estimated at 0.35% of home value per year — there is no comparable public per-state dataset, so treat it as a placeholder and replace it with your own quote. The interest rate is the national Freddie Mac 30-year average of 6.58%; this site does not publish state-level rate quotes.

Monthly cost across Illinois home prices

20% down, 30-year fixed at 6.58%, with Illinois property tax of 1.92% and estimated insurance.

Home price	Loan	P&I	Tax/mo	Full payment
$168,000	$134,400	$857	$269	$1,174
$225,000	$180,000	$1,147	$360	$1,573
$281,000 median	$224,800	$1,433	$450	$1,964
$351,000	$280,800	$1,790	$562	$2,454
$421,000	$336,800	$2,147	$674	$2,943

The gap between the P&I column and the last one is what a mortgage quote leaves out. In Illinois taxes alone add $450 a month on a median-priced home.

Amortization schedule

Date	Principal	Interest	Tax, Ins. & HOA	Balance
Aug	$200	$1,233	$532	$224,600
Sep	$201	$1,232	$532	$224,399
Oct	$202	$1,230	$532	$224,196
Nov	$203	$1,229	$532	$223,993
Dec	$205	$1,228	$532	$223,789
2026	$1,011	$6,152	$2,658	$223,789
Jan	$206	$1,227	$532	$223,583
Feb	$207	$1,226	$532	$223,376
Mar	$208	$1,225	$532	$223,168
Apr	$209	$1,224	$532	$222,959
May	$210	$1,223	$532	$222,749
Jun	$211	$1,221	$532	$222,538
Jul	$212	$1,220	$532	$222,325
Aug	$214	$1,219	$532	$222,112
Sep	$215	$1,218	$532	$221,897
Oct	$216	$1,217	$532	$221,681
Nov	$217	$1,216	$532	$221,464
Dec	$218	$1,214	$532	$221,245
2027	$2,543	$14,649	$6,379	$221,245
Jan	$220	$1,213	$532	$221,026
Feb	$221	$1,212	$532	$220,805
Mar	$222	$1,211	$532	$220,583
Apr	$223	$1,210	$532	$220,360
May	$224	$1,208	$532	$220,135
Jun	$226	$1,207	$532	$219,910
Jul	$227	$1,206	$532	$219,683
Aug	$228	$1,205	$532	$219,455
Sep	$229	$1,203	$532	$219,225
Oct	$231	$1,202	$532	$218,994
Nov	$232	$1,201	$532	$218,763
Dec	$233	$1,200	$532	$218,529
2028	$2,716	$14,477	$6,379	$218,529
Jan	$234	$1,198	$532	$218,295
Feb	$236	$1,197	$532	$218,059
Mar	$237	$1,196	$532	$217,822
Apr	$238	$1,194	$532	$217,584
May	$240	$1,193	$532	$217,344
Jun	$241	$1,192	$532	$217,103
Jul	$242	$1,190	$532	$216,861
Aug	$244	$1,189	$532	$216,617
Sep	$245	$1,188	$532	$216,372
Oct	$246	$1,186	$532	$216,126
Nov	$248	$1,185	$532	$215,878
Dec	$249	$1,184	$532	$215,629
2029	$2,900	$14,293	$6,379	$215,629
Jan	$250	$1,182	$532	$215,379
Feb	$252	$1,181	$532	$215,127
Mar	$253	$1,180	$532	$214,874
Apr	$255	$1,178	$532	$214,620
May	$256	$1,177	$532	$214,364
Jun	$257	$1,175	$532	$214,106
Jul	$259	$1,174	$532	$213,848
Aug	$260	$1,173	$532	$213,588
Sep	$262	$1,171	$532	$213,326
Oct	$263	$1,170	$532	$213,063
Nov	$264	$1,168	$532	$212,799
Dec	$266	$1,167	$532	$212,533
2030	$3,097	$14,096	$6,379	$212,533
Jan	$267	$1,165	$532	$212,265
Feb	$269	$1,164	$532	$211,996
Mar	$270	$1,162	$532	$211,726
Apr	$272	$1,161	$532	$211,454
May	$273	$1,159	$532	$211,181
Jun	$275	$1,158	$532	$210,906
Jul	$276	$1,156	$532	$210,630
Aug	$278	$1,155	$532	$210,352
Sep	$279	$1,153	$532	$210,073
Oct	$281	$1,152	$532	$209,792
Nov	$282	$1,150	$532	$209,510
Dec	$284	$1,149	$532	$209,226
2031	$3,307	$13,886	$6,379	$209,226
Jan	$285	$1,147	$532	$208,940
Feb	$287	$1,146	$532	$208,653
Mar	$289	$1,144	$532	$208,365
Apr	$290	$1,143	$532	$208,075
May	$292	$1,141	$532	$207,783
Jun	$293	$1,139	$532	$207,489
Jul	$295	$1,138	$532	$207,194
Aug	$297	$1,136	$532	$206,898
Sep	$298	$1,134	$532	$206,599
Oct	$300	$1,133	$532	$206,300
Nov	$302	$1,131	$532	$205,998
Dec	$303	$1,130	$532	$205,695
2032	$3,531	$13,662	$6,379	$205,695
Jan	$305	$1,128	$532	$205,390
Feb	$307	$1,126	$532	$205,084
Mar	$308	$1,125	$532	$204,775
Apr	$310	$1,123	$532	$204,465
May	$312	$1,121	$532	$204,154
Jun	$313	$1,119	$532	$203,841
Jul	$315	$1,118	$532	$203,526
Aug	$317	$1,116	$532	$203,209
Sep	$318	$1,114	$532	$202,890
Oct	$320	$1,113	$532	$202,570
Nov	$322	$1,111	$532	$202,248
Dec	$324	$1,109	$532	$201,924
2033	$3,770	$13,422	$6,379	$201,924
Jan	$326	$1,107	$532	$201,599
Feb	$327	$1,105	$532	$201,272
Mar	$329	$1,104	$532	$200,942
Apr	$331	$1,102	$532	$200,612
May	$333	$1,100	$532	$200,279
Jun	$335	$1,098	$532	$199,944
Jul	$336	$1,096	$532	$199,608
Aug	$338	$1,095	$532	$199,270
Sep	$340	$1,093	$532	$198,930
Oct	$342	$1,091	$532	$198,588
Nov	$344	$1,089	$532	$198,244
Dec	$346	$1,087	$532	$197,898
2034	$4,026	$13,167	$6,379	$197,898
Jan	$348	$1,085	$532	$197,551
Feb	$350	$1,083	$532	$197,201
Mar	$351	$1,081	$532	$196,850
Apr	$353	$1,079	$532	$196,496
May	$355	$1,077	$532	$196,141
Jun	$357	$1,076	$532	$195,784
Jul	$359	$1,074	$532	$195,425
Aug	$361	$1,072	$532	$195,063
Sep	$363	$1,070	$532	$194,700
Oct	$365	$1,068	$532	$194,335
Nov	$367	$1,066	$532	$193,968
Dec	$369	$1,064	$532	$193,599
2035	$4,299	$12,894	$6,379	$193,599
Jan	$371	$1,062	$532	$193,228
Feb	$373	$1,060	$532	$192,855
Mar	$375	$1,057	$532	$192,479
Apr	$377	$1,055	$532	$192,102
May	$379	$1,053	$532	$191,723
Jun	$381	$1,051	$532	$191,341
Jul	$384	$1,049	$532	$190,958
Aug	$386	$1,047	$532	$190,572
Sep	$388	$1,045	$532	$190,184
Oct	$390	$1,043	$532	$189,794
Nov	$392	$1,041	$532	$189,402
Dec	$394	$1,039	$532	$189,008
2036	$4,591	$12,602	$6,379	$189,008
Jan	$396	$1,036	$532	$188,612
Feb	$399	$1,034	$532	$188,213
Mar	$401	$1,032	$532	$187,813
Apr	$403	$1,030	$532	$187,410
May	$405	$1,028	$532	$187,005
Jun	$407	$1,025	$532	$186,597
Jul	$410	$1,023	$532	$186,188
Aug	$412	$1,021	$532	$185,776
Sep	$414	$1,019	$532	$185,362
Oct	$416	$1,016	$532	$184,945
Nov	$419	$1,014	$532	$184,527
Dec	$421	$1,012	$532	$184,106
2037	$4,902	$12,291	$6,379	$184,106
Jan	$423	$1,010	$532	$183,683
Feb	$426	$1,007	$532	$183,257
Mar	$428	$1,005	$532	$182,829
Apr	$430	$1,003	$532	$182,399
May	$433	$1,000	$532	$181,966
Jun	$435	$998	$532	$181,531
Jul	$437	$995	$532	$181,094
Aug	$440	$993	$532	$180,654
Sep	$442	$991	$532	$180,212
Oct	$445	$988	$532	$179,768
Nov	$447	$986	$532	$179,321
Dec	$449	$983	$532	$178,871
2038	$5,235	$11,958	$6,379	$178,871
Jan	$452	$981	$532	$178,419
Feb	$454	$978	$532	$177,965
Mar	$457	$976	$532	$177,508
Apr	$459	$973	$532	$177,049
May	$462	$971	$532	$176,587
Jun	$464	$968	$532	$176,122
Jul	$467	$966	$532	$175,655
Aug	$470	$963	$532	$175,186
Sep	$472	$961	$532	$174,714
Oct	$475	$958	$532	$174,239
Nov	$477	$955	$532	$173,761
Dec	$480	$953	$532	$173,282
2039	$5,590	$11,603	$6,379	$173,282
Jan	$483	$950	$532	$172,799
Feb	$485	$948	$532	$172,314
Mar	$488	$945	$532	$171,826
Apr	$491	$942	$532	$171,335
May	$493	$939	$532	$170,842
Jun	$496	$937	$532	$170,346
Jul	$499	$934	$532	$169,847
Aug	$501	$931	$532	$169,346
Sep	$504	$929	$532	$168,842
Oct	$507	$926	$532	$168,335
Nov	$510	$923	$532	$167,825
Dec	$512	$920	$532	$167,313
2040	$5,969	$11,224	$6,379	$167,313
Jan	$515	$917	$532	$166,797
Feb	$518	$915	$532	$166,279
Mar	$521	$912	$532	$165,758
Apr	$524	$909	$532	$165,234
May	$527	$906	$532	$164,708
Jun	$530	$903	$532	$164,178
Jul	$532	$900	$532	$163,646
Aug	$535	$897	$532	$163,110
Sep	$538	$894	$532	$162,572
Oct	$541	$891	$532	$162,031
Nov	$544	$888	$532	$161,486
Dec	$547	$885	$532	$160,939
2041	$6,374	$10,819	$6,379	$160,939
Jan	$550	$882	$532	$160,389
Feb	$553	$879	$532	$159,836
Mar	$556	$876	$532	$159,279
Apr	$559	$873	$532	$158,720
May	$562	$870	$532	$158,158
Jun	$566	$867	$532	$157,592
Jul	$569	$864	$532	$157,023
Aug	$572	$861	$532	$156,452
Sep	$575	$858	$532	$155,877
Oct	$578	$855	$532	$155,299
Nov	$581	$852	$532	$154,718
Dec	$584	$848	$532	$154,133
2042	$6,806	$10,387	$6,379	$154,133
Jan	$588	$845	$532	$153,546
Feb	$591	$842	$532	$152,955
Mar	$594	$839	$532	$152,361
Apr	$597	$835	$532	$151,764
May	$601	$832	$532	$151,163
Jun	$604	$829	$532	$150,559
Jul	$607	$826	$532	$149,952
Aug	$611	$822	$532	$149,341
Sep	$614	$819	$532	$148,728
Oct	$617	$816	$532	$148,110
Nov	$621	$812	$532	$147,490
Dec	$624	$809	$532	$146,866
2043	$7,267	$9,925	$6,379	$146,866
Jan	$627	$805	$532	$146,238
Feb	$631	$802	$532	$145,608
Mar	$634	$798	$532	$144,973
Apr	$638	$795	$532	$144,335
May	$641	$791	$532	$143,694
Jun	$645	$788	$532	$143,049
Jul	$648	$784	$532	$142,401
Aug	$652	$781	$532	$141,749
Sep	$655	$777	$532	$141,094
Oct	$659	$774	$532	$140,434
Nov	$663	$770	$532	$139,772
Dec	$666	$766	$532	$139,105
2044	$7,760	$9,433	$6,379	$139,105
Jan	$670	$763	$532	$138,436
Feb	$674	$759	$532	$137,762
Mar	$677	$755	$532	$137,085
Apr	$681	$752	$532	$136,403
May	$685	$748	$532	$135,719
Jun	$689	$744	$532	$135,030
Jul	$692	$740	$532	$134,338
Aug	$696	$737	$532	$133,642
Sep	$700	$733	$532	$132,942
Oct	$704	$729	$532	$132,238
Nov	$708	$725	$532	$131,530
Dec	$712	$721	$532	$130,819
2045	$8,287	$8,906	$6,379	$130,819
Jan	$715	$717	$532	$130,103
Feb	$719	$713	$532	$129,384
Mar	$723	$709	$532	$128,661
Apr	$727	$705	$532	$127,934
May	$731	$702	$532	$127,202
Jun	$735	$697	$532	$126,467
Jul	$739	$693	$532	$125,728
Aug	$743	$689	$532	$124,984
Sep	$747	$685	$532	$124,237
Oct	$752	$681	$532	$123,486
Nov	$756	$677	$532	$122,730
Dec	$760	$673	$532	$121,970
2046	$8,849	$8,344	$6,379	$121,970
Jan	$764	$669	$532	$121,206
Feb	$768	$665	$532	$120,438
Mar	$772	$660	$532	$119,666
Apr	$777	$656	$532	$118,889
May	$781	$652	$532	$118,108
Jun	$785	$648	$532	$117,323
Jul	$789	$643	$532	$116,534
Aug	$794	$639	$532	$115,740
Sep	$798	$635	$532	$114,942
Oct	$802	$630	$532	$114,140
Nov	$807	$626	$532	$113,333
Dec	$811	$621	$532	$112,521
2047	$9,449	$7,744	$6,379	$112,521
Jan	$816	$617	$532	$111,706
Feb	$820	$613	$532	$110,885
Mar	$825	$608	$532	$110,061
Apr	$829	$603	$532	$109,231
May	$834	$599	$532	$108,398
Jun	$838	$594	$532	$107,559
Jul	$843	$590	$532	$106,716
Aug	$848	$585	$532	$105,869
Sep	$852	$581	$532	$105,017
Oct	$857	$576	$532	$104,160
Nov	$862	$571	$532	$103,298
Dec	$866	$566	$532	$102,432
2048	$10,090	$7,103	$6,379	$102,432
Jan	$871	$562	$532	$101,561
Feb	$876	$557	$532	$100,685
Mar	$881	$552	$532	$99,804
Apr	$885	$547	$532	$98,919
May	$890	$542	$532	$98,028
Jun	$895	$538	$532	$97,133
Jul	$900	$533	$532	$96,233
Aug	$905	$528	$532	$95,328
Sep	$910	$523	$532	$94,418
Oct	$915	$518	$532	$93,503
Nov	$920	$513	$532	$92,583
Dec	$925	$508	$532	$91,658
2049	$10,774	$6,419	$6,379	$91,658
Jan	$930	$503	$532	$90,728
Feb	$935	$497	$532	$89,792
Mar	$940	$492	$532	$88,852
Apr	$946	$487	$532	$87,907
May	$951	$482	$532	$86,956
Jun	$956	$477	$532	$86,000
Jul	$961	$472	$532	$85,039
Aug	$966	$466	$532	$84,072
Sep	$972	$461	$532	$83,101
Oct	$977	$456	$532	$82,123
Nov	$982	$450	$532	$81,141
Dec	$988	$445	$532	$80,153
2050	$11,505	$5,688	$6,379	$80,153
Jan	$993	$440	$532	$79,160
Feb	$999	$434	$532	$78,161
Mar	$1,004	$429	$532	$77,157
Apr	$1,010	$423	$532	$76,148
May	$1,015	$418	$532	$75,132
Jun	$1,021	$412	$532	$74,112
Jul	$1,026	$406	$532	$73,085
Aug	$1,032	$401	$532	$72,053
Sep	$1,038	$395	$532	$71,016
Oct	$1,043	$389	$532	$69,972
Nov	$1,049	$384	$532	$68,923
Dec	$1,055	$378	$532	$67,868
2051	$12,285	$4,908	$6,379	$67,868
Jan	$1,061	$372	$532	$66,808
Feb	$1,066	$366	$532	$65,741
Mar	$1,072	$360	$532	$64,669
Apr	$1,078	$355	$532	$63,591
May	$1,084	$349	$532	$62,507
Jun	$1,090	$343	$532	$61,417
Jul	$1,096	$337	$532	$60,321
Aug	$1,102	$331	$532	$59,219
Sep	$1,108	$325	$532	$58,111
Oct	$1,114	$319	$532	$56,997
Nov	$1,120	$313	$532	$55,877
Dec	$1,126	$306	$532	$54,750
2052	$13,118	$4,075	$6,379	$54,750
Jan	$1,133	$300	$532	$53,618
Feb	$1,139	$294	$532	$52,479
Mar	$1,145	$288	$532	$51,334
Apr	$1,151	$281	$532	$50,183
May	$1,158	$275	$532	$49,025
Jun	$1,164	$269	$532	$47,861
Jul	$1,170	$262	$532	$46,691
Aug	$1,177	$256	$532	$45,514
Sep	$1,183	$250	$532	$44,331
Oct	$1,190	$243	$532	$43,142
Nov	$1,196	$237	$532	$41,945
Dec	$1,203	$230	$532	$40,743
2053	$14,008	$3,185	$6,379	$40,743
Jan	$1,209	$223	$532	$39,533
Feb	$1,216	$217	$532	$38,317
Mar	$1,223	$210	$532	$37,095
Apr	$1,229	$203	$532	$35,865
May	$1,236	$197	$532	$34,629
Jun	$1,243	$190	$532	$33,386
Jul	$1,250	$183	$532	$32,137
Aug	$1,257	$176	$532	$30,880
Sep	$1,263	$169	$532	$29,617
Oct	$1,270	$162	$532	$28,347
Nov	$1,277	$155	$532	$27,069
Dec	$1,284	$148	$532	$25,785
2054	$14,958	$2,235	$6,379	$25,785
Jan	$1,291	$141	$532	$24,494
Feb	$1,298	$134	$532	$23,195
Mar	$1,306	$127	$532	$21,890
Apr	$1,313	$120	$532	$20,577
May	$1,320	$113	$532	$19,257
Jun	$1,327	$106	$532	$17,930
Jul	$1,334	$98	$532	$16,595
Aug	$1,342	$91	$532	$15,254
Sep	$1,349	$84	$532	$13,905
Oct	$1,356	$76	$532	$12,548
Nov	$1,364	$69	$532	$11,184
Dec	$1,371	$61	$532	$9,813
2055	$15,972	$1,221	$6,379	$9,813
Jan	$1,379	$54	$532	$8,434
Feb	$1,386	$46	$532	$7,047
Mar	$1,394	$39	$532	$5,653
Apr	$1,402	$31	$532	$4,252
May	$1,409	$23	$532	$2,842
Jun	$1,417	$16	$532	$1,425
Jul	$1,425	$8	$532	$0
2056	$9,813	$216	$3,721	$0
Totals	$224,800	$290,985	$191,370

Refinancing in Illinois

The arithmetic is the same everywhere: refinancing pays off when the monthly saving clears the closing costs before you sell or refinance again. What differs by state is the cost of getting there — recording fees, transfer and mortgage taxes, and whether an existing tax assessment survives the new loan.

Work the break-even with the refinance calculator, or check this week’s national average rates.

Illinois home loans in detail

Illinois Mortgage Overview

What would it be like to live within minutes of one of the greatest cities in the country? Ask the 12 million+ people who live in Illinois and just hours away from Chicago. Illinois is a state with a lot of seasonal changes and plenty of areas of hustle and bustle or quiet country life depending on what you like.

The average home price in Illinois is $315,000 and about 66 percent of the homes are owner-occupied. If you've had your eye on becoming a homeowner in Illinois, here are the mortgage options available to you:

Illinois conventional loans

Conventional loans are great for good credit borrowers. You don't need perfect credit, but at least a 660 credit score is required. Conventional lenders need just a 3 percent down payment and an average debt ratio. You'll pay Private Mortgage Insurance if you put less than 20 percent down, but it's temporary. Lenders cancel it when you owe less than 80 percent of the home's value.

Illinois FHA loans

FHA loans are for borrowers with less-than-perfect credit or a recent public record. FHA loans have flexible underwriting guidelines including just a 580 credit score and 3.5 percent down payment. You may even use gift funds for your down payment with an FHA loan.

Illinois VA loans

VA loans are for veterans who served our country. After serving 181 days, you may be eligible for a no down payment VA loan. The loan program has the most flexible underwriting guidelines making it easy for veterans to become homeowners without stress.

Illinois USDA loans

USDA loans are for borrowers who don't qualify for any other loan program and who make less than 115 percent of the average income for their area. USDA loans are for rural areas of Illinois, but they aren't as isolated as you may think. It's a great option for first-time homebuyers with at least a 640 credit score.

First-Time Homebuyer Programs in Illinois

Opening Doors

The Opening Doors program helps renters become homeowners with a low-cost 30-year fixed mortgage. It also provides a 0 percent 2nd mortgage for up to $6,000 in closing cost and down payment assistance.

SmartBuy

Student loans don't need to stop you from buying a home in Illinois. SmartBuy provides $5,000 in closing cost assistance and up to $40,000 in student loan payoff assistance.

IDHA Access Forgivable

Receive up to 4 percent of the purchase price ($6,000 max) for down payment and closing cost assistance, forgiven over 10 years. You'll also get a 30-year fixed mortgage for the first mortgage with a below market rate.

IDHA Access Deferred

Receive up to 5 percent of the purchase price ($7,500 max) for down payment and closing cost assistance. The interest-free loan doesn't require repayment unless you sell the home or refinance the mortgage. It comes with a 30-year fixed mortgage of either conventional, FHA, VA, or USDA.

IDHA Access Repayable

Receive up to 10 percent of the purchase price for down payment and closing cost assistance. The loan is repayable over 10 years along with the standard 30-year mortgage for the purchase.

Illinois mortgage FAQ

How much is property tax on a home in Illinois?: Illinois homeowners pay an effective property tax rate of about 1.92 percent of home value — the 1st highest of the 50 states and DC. On the state's median home value of $280,700 that works out to roughly $5,395 a year, or $450 a month added to the mortgage payment. The figures come from the Census Bureau's American Community Survey 2024 1-year estimates; your own bill depends on the county and city rates where the home sits.
What is the monthly payment on a median-priced Illinois home?: At $281,000 with 20 percent down and the current 6.58 percent national 30-year fixed average, principal and interest come to about $1,433 a month. Adding Illinois property tax of roughly $450 a month and an estimated $82 of homeowner insurance brings the full payment to around $1,964.
What home loan options are available in Illinois?: Illinois buyers can use conventional loans with a 660 credit score and 3 percent down, with PMI canceled once you owe less than 80 percent of the home value. FHA loans need just a 580 score and 3.5 percent down and allow gift funds. Veterans qualify for zero down VA loans after 181 days of service, and USDA loans serve rural buyers with a 640 score earning under 115 percent of area income.
What does Illinois offer first-time homebuyers?: Illinois programs include Opening Doors, a low cost 30-year fixed mortgage with an interest-free second mortgage for closing costs and down payment, SmartBuy, which pairs closing cost help with student loan payoff assistance, and three IDHA Access options offering 4 to 10 percent of the purchase price as forgivable, deferred, or repayable down payment and closing cost assistance.
What credit score is needed for a mortgage in Illinois?: FHA loans are the most lenient, requiring only a 580 credit score with 3.5 percent down. Conventional lenders look for at least a 660 score plus an average debt ratio, while USDA loans for rural areas of Illinois want a 640 or better. VA loans have the most flexible underwriting guidelines of all for eligible veterans.

Property tax in every state

Effective rate on owner-occupied value, highest bills first in each column.

Alabama0.38%
Alaska1.06%
Arizona0.43%
Arkansas0.52%
California0.71%
Colorado0.49%
Connecticut1.66%
Delaware0.47%
District of Columbia0.63%
Florida0.75%
Georgia0.74%
Hawaii0.27%
Idaho0.43%
Indiana0.74%
Iowa1.29%
Kansas1.25%
Kentucky0.71%
Louisiana0.53%
Maine0.91%
Maryland0.95%
Massachusetts1.00%
Michigan1.18%
Minnesota1.02%
Mississippi0.65%
Missouri0.79%
Montana0.69%
Nebraska1.42%
Nevada0.47%
New Hampshire1.46%
New Jersey1.89%
New Mexico0.63%
New York1.45%
North Carolina0.61%
North Dakota0.96%
Ohio1.22%
Oklahoma0.75%
Oregon0.78%
Pennsylvania1.16%
Rhode Island1.07%
South Carolina0.45%
South Dakota1.02%
Tennessee0.45%
Texas1.31%
Utah0.49%
Vermont1.42%
Virginia0.71%
Washington0.79%
West Virginia0.52%
Wisconsin1.25%
Wyoming0.57%

Illinois Mortgage Calculator

Loan balance over time

What these numbers come from

Monthly cost across Illinois home prices

Amortization schedule

Refinancing in Illinois

Illinois home loans in detail

Illinois Mortgage Overview

Illinois conventional loans

Illinois FHA loans

Illinois VA loans

Illinois USDA loans

First-Time Homebuyer Programs in Illinois

Opening Doors

SmartBuy

IDHA Access Forgivable

IDHA Access Deferred

IDHA Access Repayable

Illinois mortgage FAQ

Property tax in every state