Mortgage on a $200K house in Illinois
$1,496 a month with 20% down — $1,076 principal and interest plus $320 property tax and $100 insurance.
Illinois's typical property tax is 1.92% of the home's value a year (U.S. average 0.9%), which adds $320 a month on a $200K home. The typical home in Illinois is worth $295,943, so $200K is 32% below the typical price.
$200K home in Illinois: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $40,000 | $160,000 | $1,076 | $0 | $420 | $1,496 | $64,100 |
| 10% down | $20,000 | $180,000 | $1,211 | $75 | $420 | $1,706 | $73,100 |
| 5% down | $10,000 | $190,000 | $1,278 | $79 | $420 | $1,777 | $76,200 |
| 3.5% down (FHA) | $7,000 | $196,378 | $1,321 | $88 | $420 | $1,830 | $78,400 |
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 $200K buy a typical home?
In these counties the typical home value is within 15% of $200K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Sangamon County | $200,144 | 1.99% | $1,508 |
| Calhoun County | $198,789 | 1.39% | $1,407 |
| Madison County | $197,597 | 1.92% | $1,496 |
| Jersey County | $203,810 | 1.76% | $1,469 |
| La Salle County | $194,863 | 2.11% | $1,528 |
| Menard County | $209,256 | 1.72% | $1,463 |
| Tazewell County | $189,622 | 2.11% | $1,528 |
| Putnam County | $189,069 | 1.57% | $1,437 |
| Winnebago County | $211,111 | 2.39% | $1,575 |
| Lee County | $188,606 | 1.97% | $1,505 |
| Adams County | $186,171 | 1.58% | $1,440 |
| Moultrie County | $185,755 | 1.8% | $1,477 |
78 of 102 Illinois counties tracked by Zillow have a typical home value at or below $200K. See all Illinois home prices.
Other prices in Illinois
Frequently asked questions
What is the mortgage on a $200K house in Illinois?
About $1,496 a month with 20% down at 7.11%: $1,076 principal and interest, $320 property tax and $100 insurance.
How much do I need to make to buy a $200K house in Illinois?
About $64,100 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $200K house in Illinois?
At Illinois's typical effective rate of 1.92%, about $3,842 a year. Rates vary by county and city — see the county pages.