Chicago, IL Mortgage Calculator
Calculate your estimated mortgage payment for a home in Chicago, IL. Pre-filled with Chicago's average home price of $320,000, local property tax rate of 2.1%, and typical insurance costs.
$320,000
Avg. Home Price
2.1%
Property Tax Rate
$1,800
Avg. Annual Insurance
-
? Monthly payment PITI with taxes & insurance included
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? Bi-weekly payment PITI if paid every other week
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? The date of the last payment
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? The date of the last bi-weekly payment
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? Total interest paid
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? Total interest paid if bi-weekly payments made
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? Monthly property tax paid (included in above PITI payment)
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? Monthly Home Insurance paid (included in above PITI payment)
Chicago, IL Mortgage Overview
The average home in Chicago costs around $320,000. With a 20% down payment of $64,000, you would need a loan of $256,000.
Chicago homeowners pay a property tax rate of approximately 2.1%, which translates to about $6,720 per year on the average home. Annual homeowners insurance in Chicago averages around $1,800.
What Affects Your Chicago Mortgage Payment?
Your monthly PITI payment in Chicago includes four components:
- Principal — the portion that reduces your loan balance
- Interest — the cost of borrowing, based on your rate and remaining balance
- Taxes — Chicago’s property taxes average 2.1%, lower than the Illinois state average of 2.23%
- Insurance — homeowners insurance in Chicago averages $1,800/year
Tips for Chicago Home Buyers
- Compare rates from multiple Chicago lenders — even a 0.25% rate difference can save tens of thousands over the life of your loan
- Check your credit score before applying — a higher score means better rates
- Consider bi-weekly payments — paying every two weeks instead of monthly can shave years off your mortgage
- Factor in PMI — if your down payment is less than 20%, you’ll pay Private Mortgage Insurance until you reach 80% loan-to-value
- Look at Chicago first-time buyer programs — many Illinois cities offer down payment assistance or reduced rates for first-time buyers
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