Mortgage on a $300K house in Illinois
$2,245 a month with 20% down — $1,614 principal and interest plus $480 property tax and $150 insurance.
Illinois's typical property tax is 1.92% of the home's value a year (U.S. average 0.9%), which adds $480 a month on a $300K home. The typical home in Illinois is worth $295,943, so $300K is right at the typical price.
$300K home in Illinois: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $60,000 | $240,000 | $1,614 | $0 | $630 | $2,245 | $96,200 |
| 10% down | $30,000 | $270,000 | $1,816 | $113 | $630 | $2,559 | $109,700 |
| 5% down | $15,000 | $285,000 | $1,917 | $119 | $630 | $2,666 | $114,300 |
| 3.5% down (FHA) | $10,500 | $294,566 | $1,982 | $133 | $630 | $2,744 | $117,600 |
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 $300K buy a typical home?
In these counties the typical home value is within 15% of $300K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| DeKalb County | $294,833 | 2.45% | $2,378 |
| Boone County | $286,262 | 2.18% | $2,310 |
| Monroe County | $322,053 | 1.63% | $2,171 |
| Grundy County | $322,819 | 1.99% | $2,263 |
| McLean County | $260,569 | 2.17% | $2,307 |
| Cook County | $340,258 | 1.91% | $2,241 |
93 of 102 Illinois counties tracked by Zillow have a typical home value at or below $300K. See all Illinois home prices.
Other prices in Illinois
Frequently asked questions
What is the mortgage on a $300K house in Illinois?
About $2,245 a month with 20% down at 7.11%: $1,614 principal and interest, $480 property tax and $150 insurance.
How much do I need to make to buy a $300K house in Illinois?
About $96,200 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $300K house in Illinois?
At Illinois's typical effective rate of 1.92%, about $5,763 a year. Rates vary by county and city — see the county pages.