The only free Chicago mortgage payment 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.
A quick guide to the moving parts unique to Cook County and the City of Chicago
The core of the payment, calculated from your loan amount, interest rate, and term. Even in a high-tax market like Chicago, P&I is the largest line item for most buyers and drives the 30-year amortization schedule.
Cook County's effective property tax rate averages roughly 1.8–2.2% of market value, meaningfully higher than DuPage, Lake, or Will counties. See the Cook County Assessor for your property's assessment, and the Illinois Department of Revenue for state rates.
Illinois ($0.50 per $500), Cook County ($0.25 per $500), and the City of Chicago ($3.75 per $500) each levy a transfer tax. Our mortgage calculator totals all three so your closing estimate reflects the real cost.
If your down payment is below 20%, expect PMI of 0.5–1.5% of the loan amount per year. Homeowner's insurance in Chicago typically runs $1,200–$2,000 per year depending on the property and coverage.
IHDA Mortgage and the City of Chicago Building Neighborhoods & Affordable Homes programs offer down payment assistance and below-market rates for qualifying buyers. See IHDA and Chicago DOH for eligibility.
Plan for 2–5% of the purchase price in closing costs: lender fees, title insurance, attorney review (common in Illinois), survey, recording fees, and the transfer taxes above. Our calculator surfaces the transfer-tax piece explicitly.
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.