Cost of Ownership · Illinois
The true cost of owning a home in Illinois
For a median $263,300 home in Illinois, here is the full monthly cost — not just the mortgage. Built from public data: the state's median home value and effective property-tax rate, its average homeowners premium, and the current 30-year rate. This is a representative example, not a quote.
Lender-approved payment
$2,162/mo
PITI + PMI
True monthly cost
$2,382/mo
everything, incl. upkeep
The gap
+$219/mo
what approval leaves out
Effective property-tax rate
2.01%
Avg. homeowners premium
$1,343/yr
NFIP flood claims on record
52,736
Closing costs in Illinois
Median closing costs and lender origination charges on real home-purchase loans in Illinois, from public CFPB HMDA data. Cells with fewer than 25 loans aren't shown.
Median total closing costs
$6,261
Typically $4,316–$7,960
Median origination charges
$1,790
Typically $1,231–$3,536
| Loan size | p25 | Median | p75 | Loans |
|---|---|---|---|---|
| All | $4,316 | $6,261 | $7,960 | 100,227 |
| All | $4,450 | $5,977 | $8,463 | 103,417 |
| < $250k | $3,148 | $5,461 | $6,803 | 43,667 |
| < $250k | $3,223 | $5,416 | $7,150 | 52,641 |
| $250k–$500k | $5,577 | $6,551 | $9,507 | 43,076 |
| $250k–$500k | $5,436 | $6,787 | $10,634 | 40,261 |
| $500k–$750k | $5,656 | $6,305 | $9,283 | 7,772 |
| $500k–$750k | $5,983 | $6,707 | $8,242 | 9,198 |
| > $750k | $6,803 | $7,506 | $9,008 | 4,286 |
| > $750k | $6,268 | $7,039 | $8,960 | 2,743 |
Compare your own Loan Estimate with the Loan Estimate Decoder, or see every state in the Fee & Rate Index.
Common questions about buying a home in Illinois
- What are the median closing costs in Illinois?
- Median total closing costs — lender and third-party charges — on a home-purchase loan in Illinois are about $6,261, from public CFPB HMDA data. Cells with fewer than 25 loans are suppressed.
- What is the effective property-tax rate in Illinois?
- The effective property-tax rate in Illinois is about 2.01%, from the Census American Community Survey (median real estate taxes divided by median home value).
- What does a median home cost to own each month in Illinois?
- A median $263,300 home in Illinois costs about $2,382 a month to own — principal, interest, property tax, insurance, PMI, and a maintenance reserve — versus a lender-approved payment of about $2,162. Every figure is from public data.
These figures use Illinois's median home value and a 10% down payment as a representative example. Your price, rate, and county rate will differ — run your own numbers in the True Cost tool, see how Illinois ranks on property tax and insurance, or browse every state.