Illinois Mortgage Calculator
See your monthly payment on a Illinois home, including property tax at the state average of 1.94%.
Monthly payment in Illinois
With 20% down, a 30-year loan at 6.5% and Illinois's effective property tax of 1.94%:
| Home price | Principal and interest | Property tax | Insurance (est.) | Total per month |
|---|---|---|---|---|
| $250,000 | $1,264 | $404 | $150 | $1,818 |
| $300,000 | $1,517 | $485 | $150 | $2,152 |
| $400,000 | $2,023 | $647 | $150 | $2,819 |
| $500,000 | $2,528 | $808 | $150 | $3,487 |
| $600,000 | $3,034 | $970 | $150 | $4,154 |
The 6.5% rate is an example. Current rates change weekly; see Freddie Mac for the latest average.
Property tax in Illinois
The effective property tax rate in Illinois is about 1.94% of a home's value each year. On a $400,000 home that is roughly $7,760 a year or $647 a month. Actual bills depend on county, school district and exemptions.
How Illinois property tax compares
The average effective property tax rate across states is about 0.99%. Illinois ranks number 50 of 51 from lowest to highest. States with the closest rates:
| State | Effective rate | Monthly tax on $400,000 |
|---|---|---|
| New Hampshire | 1.64% | $547 |
| Vermont | 1.78% | $593 |
| Connecticut | 1.79% | $597 |
| Illinois | 1.94% | $647 |
| New Jersey | 2.23% | $743 |
15-year or 30-year loan?
| Loan on $320,000 at 6.5% | Monthly principal and interest | Total interest |
|---|---|---|
| 30-year fixed | $2,023 | $408,142 |
| 15-year fixed | $2,788 | $181,758 |
A 15-year loan costs more each month but saves a large amount of interest. Property tax and insurance in Illinois come on top of either payment.
Frequently asked questions
How much is a $400,000 mortgage payment in Illinois?
With 20% down at 6.5% for 30 years the payment is about $2,819 a month including estimated tax and insurance.
Sources and method
Page last updated November 2026. See our editorial policy and disclaimer.