Chicago mortgage calculator
Chicago combines relatively accessible home prices with some of the highest property-tax rates in the country, so taxes make up an unusually large share of the monthly payment here.
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Chicago mortgage inputs
Enter your gross monthly income above to see an affordability read (based on the standard 28% front-end DTI guideline).
Loan amount: $320,000
Starts from Illinois's 1.88% average effective property-tax rate. Your rate in Cook County may differ — edit any field for your exact numbers.
Buying a home in Chicago
Cook County property taxes are a major part of ownership cost in Chicago, and they can rise as reassessments occur — budget for increases over time. The upside is that entry prices are far lower than coastal metros, so the loan portion of your payment is smaller; the trade-off is that property tax does more of the work in your monthly total.
As a worked example, a $400,000 home with 20% down and a 6.55% 30-year fixed rate works out to about $2,033 a month in principal and interest, plus roughly $627 for property tax at Illinois's 1.88% average — a core cost near $2,660 before insurance and any HOA. Enter Chicago prices you're actually seeing to get your real figure.
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Frequently asked questions
How much is a monthly mortgage payment in Chicago?
It depends on the home price, your rate, and your down payment. As an example, a $400,000 home with 20% down at 6.55% over 30 years is about $2,033 in principal and interest, plus roughly $627 a month for Illinois's 1.88% average property tax — before insurance and any HOA or maintenance charges.
Does this calculator include Chicago property taxes?
Yes — it starts from Illinois's statewide average effective property-tax rate of 1.88%. Local rates in Cook County can differ, so check your county assessor and adjust the property-tax field for your exact number.
Does the calculator store my information?
No. Everything is calculated in your browser — no account, no email, no lead form, nothing saved or sent to a server.