Mortgage on a $150K house in Illinois
$1,122 a month with 20% down — $807 principal and interest plus $240 property tax and $75 insurance.
Illinois's typical property tax is 1.92% of the home's value a year (U.S. average 0.9%), which adds $240 a month on a $150K home. The typical home in Illinois is worth $295,943, so $150K is 49% below the typical price.
$150K home in Illinois: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $30,000 | $120,000 | $807 | $0 | $315 | $1,122 | $48,100 |
| 10% down | $15,000 | $135,000 | $908 | $56 | $315 | $1,280 | $54,800 |
| 5% down | $7,500 | $142,500 | $959 | $59 | $315 | $1,333 | $57,100 |
| 3.5% down (FHA) | $5,250 | $147,283 | $991 | $66 | $315 | $1,372 | $58,800 |
Assumes a 30-year fixed loan at 7.11%, property tax of 1.92% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Where in Illinois does $150K buy a typical home?
In these counties the typical home value is within 15% of $150K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Union County | $150,664 | 1.3% | $1,045 |
| Clark County | $151,351 | 1.56% | $1,077 |
| Randolph County | $151,574 | 1.43% | $1,061 |
| Jefferson County | $147,115 | 1.7% | $1,095 |
| Whiteside County | $146,857 | 2.04% | $1,138 |
| Fayette County | $154,533 | 1.45% | $1,063 |
| Coles County | $145,077 | 1.94% | $1,125 |
| Bureau County | $155,598 | 2.01% | $1,133 |
| Macoupin County | $144,350 | 1.5% | $1,070 |
| Marshall County | $143,851 | 1.94% | $1,124 |
| Rock Island County | $156,822 | 2.28% | $1,167 |
| Logan County | $142,869 | 1.77% | $1,104 |
43 of 102 Illinois counties tracked by Zillow have a typical home value at or below $150K. See all Illinois home prices.
Other prices in Illinois
Frequently asked questions
What is the mortgage on a $150K house in Illinois?
About $1,122 a month with 20% down at 7.11%: $807 principal and interest, $240 property tax and $75 insurance.
How much do I need to make to buy a $150K house in Illinois?
About $48,100 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $150K house in Illinois?
At Illinois's typical effective rate of 1.92%, about $2,881 a year. Rates vary by county and city — see the county pages.