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A mortgage calculator can be a useful tool when you’re exploring a home purchase in Illinois. By using a mortgage calculator, you can learn the monthly payment amount and total interest cost for your home purchase. Try out different scenarios with the calculator to find what home price, down payment, and interest rate meet your budget and situation.
Key Points
• The Illinois mortgage calculator can help you determine how much home you can afford and manage your finances before making a purchase.
• Mortgage payments typically include principal and interest, and may include taxes and insurance.
• Illinois has a slightly lower cost of living compared to the national average.
• If you’re a first-time homebuyer, there are programs to help with down payments and closing costs.
• Explore tips to reduce your mortgage payment, such as recasting or refinance.
Illinois Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller after negotiations. It may differ from the initial listing price and the first offer you made.
• Down payment: The down payment is the amount you plan to pay upfront. It’s often expressed as a percentage of the total home price. Buyers put down anywhere from 3% to 20%. Down payment assistance programs help some buyers pull together the necessary funds.
• Loan term: The loan term is the length of time you have to repay the home loan. The most common loan terms are 15 or 30 years. A shorter term can reduce total interest paid but increase monthly payments. A longer term offers lower monthly payments but may result in more interest overall.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Interest rates vary based on borrower qualifications, market trends, and loan type.
• Annual property tax: Local governments charge property tax based on your land and buildings within guidelines set by your state. To find your property tax rate, go online and search for the town, county, or ZIP code where the property is located and the phrase “effective property tax rate.”
• Monthly payment: In this calculator, the monthly payment is the amount that you would pay each month toward the loan’s principal and interest, plus a sum that goes toward your property taxes. It does not include home insurance, private mortgage insurance (PMI), or homeowners association (HOA) fees.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of your home loan. A larger down payment, lower interest rate, or shorter loan term can reduce the total interest that you pay.
• Total loan cost: The total loan cost represents the entire amount you will pay for the loan, including both the principal borrowed and the accumulated interest.
How to Use the Illinois Mortgage Calculator
Step 1: Enter Your Home Price
Type the home price, which is the agreed-upon purchase price with the home seller.
Step 2: Select a Down Payment Amount
Choose the percent of the home price you will pay upfront. A larger down payment can reduce monthly payments and total interest paid. Use a down payment calculator to determine the right amount for your budget.
Step 3: Choose a Loan Term
Select the length of time you would like to repay the mortgage, anywhere from 10 to 30 years. A longer term means lower monthly payments but more interest over time.
Step 4: Enter an Interest Rate
Input your estimated interest rate to the second or third decimal point. A lower rate reduces monthly payments and total interest paid.
Step 5: Add Your Annual Property Tax Rate
Enter the home’s property tax rate as a percentage. For example, type 1.2 if the rate is 1.2%.
Benefits of Using a Mortgage Payment Calculator
One of the advantages of using an Illinois mortgage calculator is that it helps you determine how much house you can afford, and it is especially helpful if you’re buying your first home. The calculator can show you an estimate of your monthly payments based on loan amount, interest rate, and term. Then you can compare different loan amounts and interest rates to see how they affect your budget.
In Illinois, the median home sale price in mid-2025 was a little more than $320,000, which is well below the national median of around $443,000, according to Redfin. Lenders recommend that your mortgage payment not exceed 28% of your gross monthly income, so you would need an annual income of about $73,000, if you were looking to afford a $320,000 home, factoring in a 20% down payment ($64,000), a 30-year mortgage at 7.00%, and an average Illinois property tax rate (0.49%).
Use a home affordability calculator to help you get precise figures for your situation and determine how much home you can afford.
Components of a Mortgage Payment
The main components of a mortgage payment are the principal amount borrowed and the interest charged. This Illinois home mortgage calculator also factors in property taxes, which are often included in the monthly payments. Your payment could also include PMI, home insurance, or homeowners association (HOA) fees, depending on your situation.
If you’re thinking about a home loan guaranteed by the Federal Housing Administration (FHA), use an FHA mortgage calculator, which takes into consideration both the loan’s upfront and ongoing mortgage insurance premiums. If you’re looking at a loan backed by the U.S. Department of Veterans Affairs, then go to a VA mortgage calculator.
Lastly, if you are purchasing a pricey property, consider something called a jumbo loan. This type of loan is designed for when your loan amount is over the conforming loan limit set by the Federal Housing Finance Agency (FHFA).
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Cost of Living in Illinois
The cost of living in Illinois reflects how much you can afford in a certain location, including what you would pay for a home, utilities, maintenance, transportation, and other necessities. The cost of living index (COLI) is a useful benchmark that can help you decide how much money it takes for you to maintain a basic standard of living. When looking at COLI, the national average is 100, so a COLI above 100 means the region is more expensive than the national average and a COLI below 100 indicates it is less expensive.
Illinois has a 2024 COLI of 94.7, according to the Council for Community and Economic Research’s Cost of Living Index. Contrast that to New York State’s 2024 COLI at 125.1 and California’s at 142.3. You can see that living in Illinois is less expensive than living in these other states. And if you’re considering buying a home in one of the best affordable places in the U.S., you now know how to compare cost of living numbers to help you decide.
To further help you compare the cost of living in Illinois, the chart below shows the cost of living in some major areas in Illinois and how they compare to the national average of 100. For instance, a dollar spent in Peoria, Illinois would go further than a dollar spent in Chicago.
Illinois Cities’ Cost-of-Living Stats
Chicago
115.1
Decatur
79.1
Peoria
96.1
Springfield
90.5
Source: Council for Community and Economic Research’s Cost of Living Index.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
For most homeowners, your mortgage payment is probably one of your biggest monthly expenses, so you may be thinking it would be a great idea to reduce it, if possible. Doing so could mean more resources to pay down other debt. Fortunately, there are avenues to help you lower your mortgage payment:
• Eliminate PMI once you reach 20% home equity. You will need to contact your lender to do this.
• Consider a recast. Do this by making a lump-sum payment toward the principal that you owe and then ask the lender to do a recast.
• Appeal your property taxes if you feel they are too high. Use caution since inviting closer scrutiny of a property’s worth can sometimes result in a tax increase.
• Shop around for cheaper homeowners insurance. Look for a higher deductible or ask your insurer about bundling policies, like home and auto, for a discount.
Illinois First-Time Homebuyer Assistance Programs
If you’re buying your first home, there’s help available that can make homeownership more achievable by reducing the upfront financial burden. For instance, look into the Illinois Housing Development Authority, which has programs that assist first-time homebuyers in Illinois cover the initial costs of purchasing a home: the down payment, closing costs, or both. To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years.
The Takeaway
Using an Illinois mortgage calculator is a valuable tool to get insight into your home-buying journey. The calculator can help you estimate monthly payments and total interest, and it can provide a clearer picture of your overall cost of borrowing. Whether you’re a first-time homebuyer or considering refinancing, the mortgage calculator can help you plan for your budget and circumstances.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
How does my credit score affect my mortgage loan interest rate?
Your credit score plays a significant role in landing a competitive interest rate. For example, a higher credit score can lead to a lower interest rate, reducing the total cost of the loan over time. On the other hand, if you have a lower credit score, you may be facing higher interest rates.
How much should I put down on a mortgage?
While most buyers make down payments between 3% and 20%, you should put down as much as you comfortably can, while ensuring that you aren’t putting yourself in a difficult financial position. Some types of mortgages accept down payments in the 3% to 5% range. And if you decide to make a larger down payment, of 20% or more for example, you can reduce your monthly payments and eliminate the need for PMI.
Should I choose a 30-year or 15-year mortgage term?
A 30-year term offers lower monthly payments but more interest over time, while a 15-year term has higher monthly payments but less interest paid overall. Before opting for a loan term, assess your financial goals and budget.
What are principal and interest on a mortgage loan?
The principal is the original loan amount, and interest is the money you pay to the lender for the privilege of borrowing that amount — basically what it costs to borrow money over time. An amortization schedule will show you how much of each payment you make on your home loan is going toward principal versus interest. The proportion of these two amounts changes over the life of your loan.
How can I get a lower mortgage interest rate?
Increase your credit score to qualify for better loan terms and lower interest rates. Shop around and compare offers from different lenders, and consider making a larger down payment or exploring refinancing options.
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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
