The only free mortgage calculator designed specifically for Illinois homebuyers. Get accurate payment estimates including Cook County property taxes, PMI, insurance, and Chicago transfer taxes.
Professional-grade mortgage tools built specifically for the Chicago market
Calculate your monthly principal and interest payments with customizable loan terms, rates, and down payment options.
Estimate your annual property taxes based on Cook County assessment ratios and current Chicago tax rates.
View detailed month-by-month or yearly payment breakdowns showing how principal and interest change over time.
See the complete picture including PMI, homeowner's insurance, HOA fees, and total interest paid over the loan life.
Visualize your mortgage with dynamic doughnut charts, payment breakdowns, and principal vs. interest graphs.
Calculate state, county, and Chicago municipal transfer taxes so you know your total closing costs upfront.
Common questions about Chicago mortgages and our calculator
Mortgage rates in Chicago fluctuate with national market conditions. Rates vary based on credit score, loan type, down payment, and lender. Our calculator lets you input any rate to get accurate payment estimates. We recommend checking with multiple local lenders for the most competitive rates available to you.
Cook County property taxes are calculated based on the assessed value of your property. For residential properties, the assessment is typically 10% of the market value, which is then multiplied by the local tax rate (also called the equalizer or state equalization factor). Chicago's effective property tax rate averages around 1.8-2.2% of the market value, though this can vary by neighborhood and tax year.
Private Mortgage Insurance (PMI) is required by most lenders when your down payment is less than 20% of the home's purchase price. PMI protects the lender if you default on the loan. The cost typically ranges from 0.5% to 1.5% of the original loan amount per year. Once you reach 20% equity, you can request PMI removal.
When buying a home in Chicago, you may encounter three levels of transfer taxes: Illinois state transfer tax ($0.50 per $500 of property value), Cook County transfer tax ($0.25 per $500), and the City of Chicago transfer tax ($3.75 per $500 for most residential properties). Our calculator includes these in your closing cost estimates.
Our calculator provides reliable estimates based on standard mortgage formulas and current Cook County tax data. However, actual payments may vary based on your specific lender terms, exact property tax assessments, insurance quotes, and other factors. We recommend using this tool for planning purposes and consulting with a licensed mortgage professional for exact figures.