Typical Illinois mortgage payment
The median home price in Illinois is roughly $270,000. Here's the estimated monthly principal & interest payment on that amount, by rate and term:
| Rate | 15-year | 30-year |
|---|---|---|
| 5.00% | $2,135 | $1,449 |
| 5.50% | $2,206 | $1,533 |
| 6.00% | $2,278 | $1,619 |
| 6.50% | $2,352 | $1,707 |
| 7.00% | $2,427 | $1,796 |
| 7.50% | $2,503 | $1,888 |
| 8.00% | $2,580 | $1,981 |
At 6.50% over 30 years, a $270,000 home in Illinois costs about $1,707/month in principal & interest.
What affects your Illinois payment?
- Property taxes & insurance vary by county and aren't included above.
- Down payment: 20% down avoids private mortgage insurance (PMI).
- Loan term: a 15-year loan saves enormous interest vs. 30 years.
Median price is an approximate estimate. Figures are principal & interest only and exclude taxes, insurance and fees. Not financial advice.