Mortgage on a $250K house in Illinois
$1,871 a month with 20% down — $1,345 principal and interest plus $400 property tax and $125 insurance.
Illinois's typical property tax is 1.92% of the home's value a year (U.S. average 0.9%), which adds $400 a month on a $250K home. The typical home in Illinois is worth $295,943, so $250K is 16% below the typical price.
$250K home in Illinois: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $50,000 | $200,000 | $1,345 | $0 | $525 | $1,871 | $80,200 |
| 10% down | $25,000 | $225,000 | $1,514 | $94 | $525 | $2,133 | $91,400 |
| 5% down | $12,500 | $237,500 | $1,598 | $99 | $525 | $2,222 | $95,200 |
| 3.5% down (FHA) | $8,750 | $245,472 | $1,651 | $111 | $525 | $2,287 | $98,000 |
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 $250K buy a typical home?
In these counties the typical home value is within 15% of $250K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Jo Daviess County | $246,045 | 1.72% | $1,829 |
| Piatt County | $242,033 | 1.81% | $1,847 |
| McLean County | $260,569 | 2.17% | $1,923 |
| Champaign County | $238,398 | 2.06% | $1,899 |
| Ogle County | $238,006 | 2.06% | $1,899 |
| Woodford County | $235,906 | 2.13% | $1,915 |
| Kankakee County | $227,163 | 2.21% | $1,932 |
| Clinton County | $225,207 | 1.83% | $1,852 |
| Effingham County | $218,457 | 1.49% | $1,781 |
| Boone County | $286,262 | 2.18% | $1,925 |
90 of 102 Illinois counties tracked by Zillow have a typical home value at or below $250K. See all Illinois home prices.
Other prices in Illinois
Frequently asked questions
What is the mortgage on a $250K house in Illinois?
About $1,871 a month with 20% down at 7.11%: $1,345 principal and interest, $400 property tax and $125 insurance.
How much do I need to make to buy a $250K house in Illinois?
About $80,200 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $250K house in Illinois?
At Illinois's typical effective rate of 1.92%, about $4,802 a year. Rates vary by county and city — see the county pages.