Down Payment Calculator for Illinois

Down Payment Planning in Illinois

With a median home value of $250,000 in Illinois, here's what different down payment tiers look like:

• 3% (First-time buyer programs): $7,500
• 3.5% (FHA minimum): $8,800
• 10% (Avoid PMI with some lenders): $25,000
• 20% (Eliminate PMI entirely): $50,000

Conforming Loan Limits in Illinois

The conforming loan limit in Illinois is $726,200. Most Illinois counties are at the standard conforming limit. No counties currently qualify for high-cost treatment. If your loan exceeds this, you'll need jumbo financing, which typically requires a 20%+ down payment.

Closing Costs to Plan For

Beyond your down payment, budget for closing costs of around $3,900 in Illinois. Illinois charges a transfer tax of $0.50/$500 of value statewide, plus a City of Chicago transfer tax of $5.25/$500 which is one of the highest city-level rates nationally.

Property Tax Impact

Illinois's effective property tax rate is 2.07% (average annual bill: $5,765). A larger down payment reduces your monthly mortgage but property taxes remain constant regardless of how much you put down.

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