Illinois Mortgage Calculator: Estimate Your Monthly Payment

Home Price:

This is where you put the maximum price you want to pay for a home. Alternatively, you can also enter the amount of the loan that you’re looking to borrow from the lender.

Down Payment:

The amount of your initial payment depends on what you’re comfortable paying and the lender’s terms. Making a larger down payment means lower regular monthly payments.

Interest Rate:

This is the rate the lender charges on the amount that you borrowed. You can approach multiple lenders to get the best interest rate or use MoneyGeek’s mortgage rate report.

Loan Terms:

This is the duration over which you can repay the loan. Typically, this is 15, 20 or 30 years.

Payments per Year:

Lenders usually ask for monthly payments. You also have a choice of making annual payments.

Property Tax:

At $4,942 per year, Illinois is the second most expensive state when it comes to property taxes. You can pay this either every month or annually.

HOA Fees:

If you buy a house in a community with a homeowners association, you will need to make monthly payments. This is often referred to as an HOA fee.

Principal & Interest:

This is the total of the amount you borrowed from the lender (the principal amount) and the interest that is charged by the lender on the principal.

Monthly Payment:

This is the amount that you have to pay every month and includes the principal, the interest and the other expenses, such as the property tax and insurance.

Principal Payment:

This is your payment towards the amount you’ve borrowed. Your initial monthly repayments will only consist of a small portion towards the principal and will keep increasing throughout your loan term.

Interest Payment:

Your payment towards the interest component will be higher in the initial days and will keep reducing over the years.

Total Cost with Interest:

This is the total cost you have to pay to the lender, which consists of the principal and the interest.