Mortgage on a $450K house in Illinois
$3,367 a month with 20% down — $2,422 principal and interest plus $720 property tax and $225 insurance.
Illinois's typical property tax is 1.92% of the home's value a year (U.S. average 0.9%), which adds $720 a month on a $450K home. The typical home in Illinois is worth $295,943, so $450K is 52% above the typical price.
$450K home in Illinois: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $90,000 | $360,000 | $2,422 | $0 | $945 | $3,367 | $144,300 |
| 10% down | $45,000 | $405,000 | $2,724 | $169 | $945 | $3,839 | $164,500 |
| 5% down | $22,500 | $427,500 | $2,876 | $178 | $945 | $3,999 | $171,400 |
| 3.5% down (FHA) | $15,750 | $441,849 | $2,972 | $199 | $945 | $4,117 | $176,400 |
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 $450K buy a typical home?
In these counties the typical home value is within 15% of $450K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| DuPage County | $437,880 | 2.05% | $3,414 |
| Lake County | $398,052 | 2.58% | $3,615 |
| Kendall County | $395,398 | 2.37% | $3,537 |
| Kane County | $383,834 | 2.26% | $3,493 |
102 of 102 Illinois counties tracked by Zillow have a typical home value at or below $450K. See all Illinois home prices.
Other prices in Illinois
Frequently asked questions
What is the mortgage on a $450K house in Illinois?
About $3,367 a month with 20% down at 7.11%: $2,422 principal and interest, $720 property tax and $225 insurance.
How much do I need to make to buy a $450K house in Illinois?
About $144,300 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $450K house in Illinois?
At Illinois's typical effective rate of 1.92%, about $8,644 a year. Rates vary by county and city — see the county pages.