Chicago Mortgage Calculator
Estimate your monthly mortgage payment in Chicago, IL. On the local median home value of $340,000 — with a 20% down payment at today's rates — expect a total monthly payment (principal, interest, taxes, and insurance) of about $2,468. Adjust every input for your situation.
Monthly Breakdown
- Principal & Interest$1,719
- Property Tax$632
- Home Insurance$117
Amortization Schedule
| Year | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $20,631 | $3,040 | $17,590 | $268,960 |
| 2 | $20,631 | $3,244 | $17,387 | $265,716 |
| 3 | $20,631 | $3,461 | $17,170 | $262,255 |
| 4 | $20,631 | $3,693 | $16,938 | $258,562 |
| 5 | $20,631 | $3,940 | $16,691 | $254,622 |
| 6 | $20,631 | $4,204 | $16,427 | $250,418 |
| 7 | $20,631 | $4,486 | $16,145 | $245,932 |
| 8 | $20,631 | $4,786 | $15,845 | $241,146 |
| 9 | $20,631 | $5,107 | $15,524 | $236,040 |
| 10 | $20,631 | $5,449 | $15,182 | $230,591 |
| 11 | $20,631 | $5,813 | $14,817 | $224,778 |
| 12 | $20,631 | $6,203 | $14,428 | $218,575 |
| 13 | $20,631 | $6,618 | $14,013 | $211,957 |
| 14 | $20,631 | $7,061 | $13,569 | $204,895 |
| 15 | $20,631 | $7,534 | $13,096 | $197,361 |
| 16 | $20,631 | $8,039 | $12,592 | $189,322 |
| 17 | $20,631 | $8,577 | $12,053 | $180,745 |
| 18 | $20,631 | $9,152 | $11,479 | $171,593 |
| 19 | $20,631 | $9,765 | $10,866 | $161,828 |
| 20 | $20,631 | $10,419 | $10,212 | $151,410 |
| 21 | $20,631 | $11,116 | $9,514 | $140,293 |
| 22 | $20,631 | $11,861 | $8,770 | $128,432 |
| 23 | $20,631 | $12,655 | $7,975 | $115,777 |
| 24 | $20,631 | $13,503 | $7,128 | $102,274 |
| 25 | $20,631 | $14,407 | $6,224 | $87,867 |
| 26 | $20,631 | $15,372 | $5,259 | $72,495 |
| 27 | $20,631 | $16,401 | $4,229 | $56,094 |
| 28 | $20,631 | $17,500 | $3,131 | $38,594 |
| 29 | $20,631 | $18,672 | $1,959 | $19,922 |
| 30 | $20,631 | $19,922 | $708 | $0 |
Swipe the table sideways to see all columns →
How to use this calculator
The Home Price field is pre-filled with the median home value in Chicago (about $340,000). Override with your target home's actual price to get a payment estimate for that specific property.
The Property Tax Rate is pre-filled with Illinois's average effective rate of 2.23%. Within Illinois, rates vary by county — if you know your specific local rate, override it for a more precise estimate.
Adjust the Down Payment slider to see how your payment changes. Below 20% down triggers PMI; the calculator adds it automatically and shows a warning.
Scroll down for the full PITI breakdown, monthly payment pie chart, and complete month-by-month amortization schedule.
How it works
Buying a median-priced home in Chicago. At $340,000 with a 20% down payment, you'd bring $68,000 to closing (plus closing costs) and take out a $272,000 mortgage. At a 6.50% interest rate on a 30-year fixed loan, your monthly principal + interest is roughly $1,719.
Annual costs on top of the loan. Illinois's average property tax rate is 2.23%, so a median-priced Chicago home generates approximately $7,582 in annual property tax (about $632/mo when paid through escrow). Homeowner's insurance in Illinois averages around $1,400/year.
Total monthly payment (PITI) on the median Chicago home works out to about $2,468 per month at current rates, assuming a 20% down payment and no HOA. If you're putting less than 20% down, add PMI to this — typically 0.5–1.5% of the loan balance per year.
Rates change; this is the math, not the offer. Mortgage rates fluctuate daily. Our default of 6.50% is a recent conventional 30-year benchmark — enter today's quoted rate from your lender for the most accurate payment estimate.
Frequently Asked Questions
Looking for a different city? Browse all cities. For Illinois-specific property taxes, see the Illinois Property Tax Calculator.