CHICAGO & CHICAGOLAND HOMEBUYERS
Chicagoland Mortgage Payment Calculator
Estimate your principal and interest, property taxes, insurance, mortgage insurance, HOA dues and total monthly housing payment.
Calculate Your Estimated Payment
Enter your information below. All results are estimates for educational and planning purposes.
Use the most recent tax bill for the property whenever possible.
This percentage is only a planning assumption. It is not a county tax rate or tax quote.
Estimated Monthly Payment
Estimated total housing payment
$0.00
Loan amount: $0.00
Principal and interest: $0.00
Estimated property taxes: $0.00
Estimated homeowners insurance: $0.00
Mortgage insurance: $0.00
HOA or association dues: $0.00
Down payment percentage: 0%
Total scheduled principal and interest: $0.00
Total scheduled interest: $0.00
Estimate excludes closing costs, prepaid items, loan-level pricing adjustments, temporary buydowns and other possible charges. Mortgage insurance rules and costs vary by program.
A Calculator Is a Starting Point—Not a Preapproval
Let David Braun review your actual income, credit, assets, property taxes and goals to help you understand the mortgage options that may be available.
CALL DAVID: 312-656-0220How Property Taxes Affect a Chicagoland Mortgage Payment
Property taxes can materially change a buyer’s total monthly payment and purchasing power. A $400,000 home in one community may carry a different tax bill than a similarly priced home only a few miles away because each parcel may be served by a different combination of municipalities, school districts, park districts, fire districts and other taxing bodies.
Illinois does not have one fixed property-tax rate. According to the Illinois Department of Revenue, a tax bill is driven by the property’s equalized assessed value and the amounts requested by the local taxing districts that serve the property.
Cook County property taxes
Cook County generally assesses Class 2 residential property at 10% of the assessor’s estimated market value. That assessed value is then subject to the state equalization process. Applicable exemptions reduce taxable equalized assessed value, and local tax rates are applied to produce the bill.
Cook County tax bills are paid in two installments. Buyers should not assume that the current bill will remain unchanged after a sale, reassessment, exemption change or change in local levies. The assessor determines value; it does not set every local tax rate or determine the final amount requested by taxing districts.
DuPage, Will and surrounding counties
Outside Cook County, Illinois property is generally assessed at one-third of fair cash value before equalization and exemptions. DuPage County explains equalized value as one-third of fair cash value, and Will County states that assessed value is 33.33% of fair market value. The final tax bill still depends on the parcel’s local taxing districts, tax rates and eligible exemptions.
The same general warning applies throughout DuPage, Will, Lake, Kane, McHenry and Kendall counties: there is no dependable countywide percentage that predicts every property’s bill. Two homes in the same county can have meaningfully different tax burdens.
A simplified Illinois tax-bill framework
Market value → assessed value → equalization → exemptions → taxable EAV × local tax rate = property-tax bill
What buyers should verify before making an offer
1. Obtain the parcel identification number and most recent tax bill.
2. Confirm whether homeowner, senior or other exemptions are reflected.
3. Ask whether the property was recently reassessed or substantially improved.
4. Do not assume the seller’s exemptions will transfer to the buyer.
5. Use the actual annual bill in the calculator, then discuss a reasonable escrow estimate with your mortgage professional.
Official property-tax resources
Cook County Assessor: Assessment Notices and Tax Bills
Illinois Department of Revenue: Property-Tax Rates and Bills
DuPage County Treasurer: Tax Information
Will County Supervisor of Assessments
Get a Payment Review Based on a Real Property
Send David the property address or tax bill. He can help you look beyond the listing price and understand how the estimated complete payment may fit your plans.
CALL 312-656-0220David Braun
Mortgage Loan Officer | NMLS #303007
Serving Chicago and the surrounding suburbs
Calculator results and tax information are estimates for educational purposes only. They are not a loan estimate, commitment to lend, preapproval, tax advice or guarantee of payment, rate, program eligibility or property-tax amount. Consult official county records and appropriate mortgage, tax or legal professionals for property-specific information.
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