For Buyers

Chicagoland mortgage calculator

Illinois has the second-highest property taxes in the country. National calculators assume about half the real rate, so they can understate a Chicagoland payment by hundreds of dollars a month. This one uses actual Cook and DuPage rates.

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Buying a Chicago condo? Assessments are often $300–$700 a month and are part of what a lender counts against you.

Your estimated monthly payment

$0

  • Principal & interest$0
  • Property taxes$0
  • Homeowners insurance$0
  • PMI—
  • HOA / assessments—
  • Loan amount$0
  • Down payment—
  • Total interest over the loan$0

What people get wrong about Chicagoland payments

Why is my real payment higher than the calculator said?

Because most calculators assume a property tax rate near 1.10%, close to the national average. Illinois is roughly 2.08% — second-highest in the country. Cook County averages about 2.04% and DuPage about 2.09%. On a $500,000 home that gap alone is roughly $400 a month, before PMI or assessments.

What actually goes into the payment?

Principal, interest, taxes and insurance — PITI — plus PMI if you put down less than 20%, plus HOA or condo assessments. Taxes and insurance are usually collected into escrow, which is why your lender's number is higher than a bare loan payment.

When does PMI go away?

Automatically once the loan reaches 78% of the original purchase price, under the federal Homeowners Protection Act. You can request cancellation at 80%. The calculator above tells you roughly when that happens for your numbers.

Do I really need 20% down?

No. It avoids PMI, but conventional loans start at 3% down and FHA at 3.5%. On DuPage's median sale price of about $477,652, that's roughly $14,300–$16,700 instead of $95,500.

Is the property tax rate the same across a county?

No — it varies by municipality and school district, sometimes considerably. The county figures above are averages and a sound starting point. Once you have a specific address, use the actual tax bill and override the field.

Sources & notes: 30-year fixed rate 6.55% per the Freddie Mac Primary Mortgage Market Survey, July 16 2026. Effective property tax rates: Cook County ~2.04%, DuPage County ~2.09%; Illinois statewide median ~2.08%, second-highest in the US. Insurance defaults to a typical Illinois premium and PMI to about 0.6% of the loan annually — both vary by carrier, credit, and property. This is an estimate for planning, not a loan offer, quote, or commitment to lend. Confirm figures with a licensed lender and the county assessor.

Ready when you are

Need to get pre-approved?

Knowing your real payment is step one. Knowing what you can actually borrow is step two — and sellers won't take an offer seriously without it. I can help you get pre-approved and point you to lenders worth talking to. No cost, no obligation.

Selling before you buy? See what you'd net — that number usually decides the budget.

Call (773) 322-7614