Mortgage on a $500K house in Illinois
$3,741 a month with 20% down — $2,691 principal and interest plus $800 property tax and $250 insurance.
Illinois's typical property tax is 1.92% of the home's value a year (U.S. average 0.9%), which adds $800 a month on a $500K home. The typical home in Illinois is worth $295,943, so $500K is 69% above the typical price.
$500K home in Illinois: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $100,000 | $400,000 | $2,691 | $0 | $1,050 | $3,741 | $160,300 |
| 10% down | $50,000 | $450,000 | $3,027 | $188 | $1,050 | $4,265 | $182,800 |
| 5% down | $25,000 | $475,000 | $3,195 | $198 | $1,050 | $4,444 | $190,400 |
| 3.5% down (FHA) | $17,500 | $490,944 | $3,303 | $221 | $1,050 | $4,574 | $196,000 |
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 $500K buy a typical home?
In these counties the typical home value is within 15% of $500K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| DuPage County | $437,880 | 2.05% | $3,793 |
102 of 102 Illinois counties tracked by Zillow have a typical home value at or below $500K. See all Illinois home prices.
Other prices in Illinois
Frequently asked questions
What is the mortgage on a $500K house in Illinois?
About $3,741 a month with 20% down at 7.11%: $2,691 principal and interest, $800 property tax and $250 insurance.
How much do I need to make to buy a $500K house in Illinois?
About $160,300 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $500K house in Illinois?
At Illinois's typical effective rate of 1.92%, about $9,604 a year. Rates vary by county and city — see the county pages.