Monthly Payment on a $150K Mortgage in Illinois
Using Illinois's 2.07% property tax rate and $1,900/yr homeowners insurance.
$150K Mortgage in Illinois: Rate Comparison
Monthly PITI payment using Illinois's 2.07% property tax and $1,900/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $1,309 | $1,262 | $1,098 |
| 6.0% | $1,355 | $1,305 | $1,137 |
| 6.5% | $1,401 | $1,349 | $1,176 |
| 7.0% | $1,448 | $1,394 | $1,215 |
| 7.5% | $1,497 | $1,440 | $1,256 |
| 8.0% | $1,546 | $1,486 | $1,298 |
How This Compares to Illinois's Median
A $150K home is 44% below Illinois's median of $270K. You'll find homes at this price in cities like Springfield, Peoria, Carbondale, Decatur, Galesburg.
Income Needed for a $150K Home in Illinois
To afford this payment of $1,349/mo in Illinois, you'd need a household income of approximately $58K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $60K salary can afford →Closing Costs in Illinois
Estimated closing costs in Illinois: $3K (2% of purchase price). Illinois also charges a 0.1% transfer tax, which may add $150 to your transaction costs.
What to Know About a $150K Mortgage in Illinois
Note that Illinois's 2.07% property tax rate adds $259/mo to your payment — significantly more than the national average of roughly 1.1%. On a $150K home, that's $3,105/year in property taxes alone. This is a major factor in your total payment and something to budget for carefully.
With 10% down ($15,000), your loan of $135,000 at 6.5% over 30 years produces a principal and interest payment of $853/mo. Adding Illinois's 2.07% property tax ($259/mo) and $1,900/yr insurance ($158/mo) brings your total to $1,349/mo. Because you're putting less than 20% down, PMI adds $79/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $172,185 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $16,152 over the life of the loan.