Illinois Mortgage Calculator 2026 — Highest Property Taxes in US | US Financial Calculators

Median Illinois home ($267,000) — 20% down — 7% rate — 30yr

Component	Monthly	Annual
Principal & Interest	$1,421.09	$17,053
Property Tax (2.23%)	$496.18	$5,954
Homeowners Insurance	$150.00	$1,800
Total PITI	$2,067.26	$24,807

Total interest over 30yr: $297,991. PMI not included.

Monthly property tax on a $400,000 home by state

State	Avg Rate	Monthly/$400k
Alabama	0.41%	$136.67
Alaska	1.04%	$346.67
Arizona	0.62%	$206.67
Arkansas	0.62%	$206.67
California	0.76%	$253.33
Colorado	0.51%	$170.00
Connecticut	1.79%	$596.67
Delaware	0.57%	$190.00
Florida	0.89%	$296.67
Georgia	0.92%	$306.67
Hawaii	0.29%	$96.67
Idaho	0.69%	$230.00
Illinois ★	2.23%	$743.33
Indiana	0.85%	$283.33
Iowa	1.57%	$523.33
Kansas	1.41%	$470.00
Kentucky	0.86%	$286.67
Louisiana	0.55%	$183.33
Maine	1.09%	$363.33
Maryland	1.09%	$363.33
Massachusetts	1.14%	$380.00
Michigan	1.54%	$513.33
Minnesota	1.12%	$373.33
Mississippi	0.81%	$270.00
Missouri	1.01%	$336.67
Montana	0.84%	$280.00
Nebraska	1.73%	$576.67
Nevada	0.55%	$183.33
New Hampshire	1.93%	$643.33
New Jersey	2.23%	$743.33
New Mexico	0.80%	$266.67
New York	1.72%	$573.33
North Carolina	0.80%	$266.67
North Dakota	0.98%	$326.67
Ohio	1.53%	$510.00
Oklahoma	0.88%	$293.33
Oregon	0.87%	$290.00
Pennsylvania	1.49%	$496.67
Rhode Island	1.53%	$510.00
South Carolina	0.57%	$190.00
South Dakota	1.22%	$406.67
Tennessee	0.67%	$223.33
Texas	1.60%	$533.33
Utah	0.52%	$173.33
Vermont	1.83%	$610.00
Virginia	0.87%	$290.00
Washington	0.98%	$326.67
Washington DC	0.55%	$183.33
West Virginia	0.59%	$196.67
Wisconsin	1.76%	$586.67
Wyoming	0.61%	$203.33

Illinois has the highest average effective property tax rate of any state at 2.23%, driven largely by high property taxes in the Chicago metro area and suburban Cook County. This meaningfully increases the monthly cost of homeownership compared to most other states. Illinois does offer homestead exemptions and senior freeze programs that can reduce assessed values for qualifying homeowners.

Median home price: $267,000. Average property tax: 2.23%. Cost of living index: 96 (US avg = 100).

What is the average property tax rate in Illinois?

The average effective property tax rate in Illinois is 2.23%. This means on a $267,000 home, you would pay approximately $5,954/year ($496.18/month) in property taxes. Note that actual property taxes are based on the county-assessed value, which may differ from the purchase price, and individual rates vary by county.

How much do I need to earn to afford a home in Illinois?

At the Illinois median home price of $267,000 with 20% down and a 7% rate, total monthly housing costs (PITI) are approximately $2,067.26. Using the 28% housing-to-income rule, you would need a gross monthly income of about $7,383.08, or $88,597/year. With less down payment or higher home price, the required income increases.

Is Illinois a community property state?

Illinois is a common law (equitable distribution) state. Spouses can own property separately, and lenders typically evaluate only the borrower(s) named on the mortgage application.

Should I get a 15-year or 30-year mortgage?

A 30-year mortgage has lower monthly payments but you pay significantly more interest over time. For example, on a $213,600 loan at 7%, monthly P&I is $1,421.09 (30yr) vs. $1,919.90 (15yr). Choose 30-year if cash flow is tight; choose 15-year if you can comfortably afford the higher payment.

What other costs should I budget for when buying in Illinois?

Beyond the mortgage payment, budget for: (1) Closing costs — typically 2–5% of the loan amount at purchase; (2) Home inspection — $300–$600; (3) Property taxes — $5,954/year at Illinois average rates on a $267,000 home; (4) Homeowners insurance — $1,200–$2,400/year; (5) HOA fees if applicable; (6) Maintenance reserve — budget 1–2% of home value annually.

Illinois Mortgage Calculator (2026)

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