Mortgage on a $350K house in Illinois
$2,619 a month with 20% down — $1,884 principal and interest plus $560 property tax and $175 insurance.
Illinois's typical property tax is 1.92% of the home's value a year (U.S. average 0.9%), which adds $560 a month on a $350K home. The typical home in Illinois is worth $295,943, so $350K is 18% above the typical price.
$350K home in Illinois: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $70,000 | $280,000 | $1,884 | $0 | $735 | $2,619 | $112,200 |
| 10% down | $35,000 | $315,000 | $2,119 | $131 | $735 | $2,986 | $128,000 |
| 5% down | $17,500 | $332,500 | $2,237 | $139 | $735 | $3,111 | $133,300 |
| 3.5% down (FHA) | $12,250 | $343,661 | $2,312 | $155 | $735 | $3,202 | $137,200 |
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 $350K buy a typical home?
In these counties the typical home value is within 15% of $350K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Cook County | $340,258 | 1.91% | $2,615 |
| McHenry County | $367,683 | 2.36% | $2,747 |
| Will County | $376,285 | 2.24% | $2,713 |
| Grundy County | $322,819 | 1.99% | $2,640 |
| Monroe County | $322,053 | 1.63% | $2,533 |
| Kane County | $383,834 | 2.26% | $2,717 |
| Kendall County | $395,398 | 2.37% | $2,751 |
| Lake County | $398,052 | 2.58% | $2,811 |
96 of 102 Illinois counties tracked by Zillow have a typical home value at or below $350K. See all Illinois home prices.
Other prices in Illinois
Frequently asked questions
What is the mortgage on a $350K house in Illinois?
About $2,619 a month with 20% down at 7.11%: $1,884 principal and interest, $560 property tax and $175 insurance.
How much do I need to make to buy a $350K house in Illinois?
About $112,200 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $350K house in Illinois?
At Illinois's typical effective rate of 1.92%, about $6,723 a year. Rates vary by county and city — see the county pages.