Mortgage on a $400K house in Illinois
$2,993 a month with 20% down — $2,153 principal and interest plus $640 property tax and $200 insurance.
Illinois's typical property tax is 1.92% of the home's value a year (U.S. average 0.9%), which adds $640 a month on a $400K home. The typical home in Illinois is worth $295,943, so $400K is 35% above the typical price.
$400K home in Illinois: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $80,000 | $320,000 | $2,153 | $0 | $840 | $2,993 | $128,300 |
| 10% down | $40,000 | $360,000 | $2,422 | $150 | $840 | $3,412 | $146,200 |
| 5% down | $20,000 | $380,000 | $2,556 | $158 | $840 | $3,555 | $152,400 |
| 3.5% down (FHA) | $14,000 | $392,755 | $2,642 | $177 | $840 | $3,659 | $156,800 |
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 $400K buy a typical home?
In these counties the typical home value is within 15% of $400K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Lake County | $398,052 | 2.58% | $3,213 |
| Kendall County | $395,398 | 2.37% | $3,144 |
| Kane County | $383,834 | 2.26% | $3,105 |
| Will County | $376,285 | 2.24% | $3,101 |
| McHenry County | $367,683 | 2.36% | $3,140 |
| DuPage County | $437,880 | 2.05% | $3,035 |
| Cook County | $340,258 | 1.91% | $2,989 |
101 of 102 Illinois counties tracked by Zillow have a typical home value at or below $400K. See all Illinois home prices.
Other prices in Illinois
Frequently asked questions
What is the mortgage on a $400K house in Illinois?
About $2,993 a month with 20% down at 7.11%: $2,153 principal and interest, $640 property tax and $200 insurance.
How much do I need to make to buy a $400K house in Illinois?
About $128,300 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $400K house in Illinois?
At Illinois's typical effective rate of 1.92%, about $7,683 a year. Rates vary by county and city — see the county pages.