The Only Mortgage Calculator You’ll Ever Need
Illinois Mortgage Calculator With Taxes, PMI & HOA
Mortgage Payment Calculator
See your full monthly payment, including taxes, insurance, and mortgage insurance, for each loan type.
Estimated monthly payment
$3,253.62/mo
Includes principal and interest, taxes, insurance, and PMI on a Conventional loan.
Payment breakdown
- Principal & interest$2,334.95
- Property taxes$666.67
- Homeowners insurance$150.00
- HOA dues$0.00
- PMI$102.00
Loan details
| Home price | $400,000.00 |
| Down payment | $40,000.00 (10%) |
| Loan amount | $360,000.00 |
| Interest rate | 6.75% |
| Loan term | 30 years |
| Loan-to-value | 90% |
| Monthly principal & interest | $2,334.95 |
| Monthly PMI | $102.00 |
PMI is an estimate. On a conventional loan it can be removed once you reach 20% equity.
Disclaimer
Results are estimates for education and comparison only. They are not a loan offer, rate quote, or approval. Calculations use the numbers you enter plus estimates that vary by property, county, and lender. Qualification depends on your full credit report, verified income and assets, the property, and the guidelines in effect when you apply. Alex MacLagan, NMLS #1912744. MacLagan Home Loans is a d/b/a of Client Direct Mortgage, NMLS #1065732. Equal Housing Opportunity.
How To Use Our Mortgage Calculator
Finding the right mortgage information is easy with our mortgage calculator suite. Whether you’re buying your first home and need to know what you can afford, investing in rental property and want to check the DSCR numbers, selling a home and curious about your profits after expenses, considering a refinance to save money, or deciding between continuing to rent or becoming a homeowner – we have a specialized calculator just for you. Just choose the tool that fits your needs and follow the simple input prompts.
Want to save your results? Each of our mortgage calculators includes an “Email Me This” button that allows you to send your personalized calculations directly to your inbox. This feature makes it easy to save your results for future reference, share them with family members, real estate agents, or financial advisors, or compare different scenarios as you make important financial decisions.
Affordability Calculator
Who it’s for: First-time homebuyers, current renters considering a purchase, or existing homeowners looking to upgrade who need to determine their budget for a new home. You can find out if a conventional loan, FHA loan, VA loan, or USDA loan is right for you.
- Enter your annual or monthly income in the designated field
- Input your monthly debt payments (credit cards, car loans, student loans, etc.)
- Specify your desired down payment amount or percentage
- Adjust the interest rate slider to match current mortgage rates
- Set your preferred loan term (typically 15 or 30 years)
- Review the results showing your maximum affordable home price and estimated monthly payment
- Try adjusting your inputs to see how changes affect your affordability range
DSCR Calculator
Who it’s for: Real estate investors evaluating potential rental properties, current landlords looking to refinance rental homes, or anyone considering converting a property to a rental investment. Use our DSCR calculator to make sure your next rental fits your investing criteria.
- Enter the property purchase price in the provided field
- Input the expected monthly rental income from the property
- Specify your down payment amount or percentage
- Enter the estimated property taxes, insurance, and HOA fees (if applicable)
- Adjust the interest rate to match current investment property rates
- Choose your loan term (typically 30 years for investment properties)
- Review the calculated DSCR ratio (lenders typically require 1.25 or higher)
- Check the monthly cash flow projection to see your potential profit or loss
- Adjust variables to see how they impact your DSCR and cash flow
Net Proceeds Calculator
Who it’s for: Current homeowners planning to sell their property who want to understand how much money they’ll actually receive after all selling costs are paid.
- Enter your home’s estimated selling price
- Input your current mortgage balance (if any)
- Specify any additional liens or mortgages on the property
- Enter the real estate commission percentage (typically 5-6%)
- Add estimated closing costs (title insurance, transfer taxes, etc.)
- Include any repairs or concessions you expect to make
- Review the calculated net proceeds amount – this is your estimated “take home” money
- Adjust any variables to see how they affect your bottom line
Refinance Calculator
Who it’s for: Current homeowners considering refinancing their mortgage to lower monthly payments, reduce loan terms, take cash out, or remove mortgage insurance.
- Enter your current loan balance, interest rate, and monthly payment
- Input the term remaining on your current loan
- Specify the new loan’s interest rate and term
- Enter the estimated closing costs for the refinance
- Input how long you plan to keep the home after refinancing
- Review the results showing monthly payment savings
- Check the break-even point (when savings exceed closing costs)
- Examine lifetime interest savings to see long-term benefits
- Try different scenarios by adjusting rates and terms
Rent vs Buy Calculator
Who it’s for: Current renters considering homeownership, people relocating to a new area, or anyone trying to determine whether renting or buying makes more financial sense for their situation.
- Enter your current monthly rent payment
- Input the price of homes you’re considering buying
- Specify your planned down payment amount or percentage
- Enter the expected mortgage interest rate
- Select your preferred loan term (typically 15 or 30 years)
- Input property tax rate and estimated insurance costs
- Specify how long you plan to stay in the home
- Adjust the expected home appreciation rate and rental increase rate
- Review the comparison results showing total costs of renting vs. buying
- Check the break-even point where buying becomes cheaper than renting
- Try different scenarios by adjusting your inputs
Mortgage Calculator FAQs
Straight answers to the questions Illinois buyers, homeowners, and investors ask most when running their numbers.
What does this mortgage calculator include in my monthly payment?
It includes principal and interest, property taxes, homeowners insurance, HOA dues, and mortgage insurance (PMI on conventional loans, MIP on FHA loans, and the annual fee on USDA loans), so you see a full estimated payment rather than principal and interest alone.
What property tax rate should I use for Illinois?
Illinois has some of the highest property tax rates in the country. The calculator defaults to 2% of the home price per year, but your actual bill depends on your county, township, and any exemptions, so check the property’s most recent tax bill when you can.
When can I remove PMI or FHA mortgage insurance?
On a conventional loan you can request PMI removal once your balance reaches 80% of the home’s original value, and it cancels automatically at 78%. On an FHA loan, MIP stays for the life of the loan if you put down less than 10%, or for 11 years with 10% or more down. Refinancing into a conventional loan is another way to drop FHA MIP.
What DSCR do lenders require for a rental property loan?
Many DSCR programs qualify at a ratio of 1.0 or higher, meaning rent covers the full housing payment, and a ratio of 1.25 or higher typically gets better pricing. Some programs allow ratios below 1.0 with larger down payments.
Are these calculator results a loan offer?
No. Results are estimates for education and comparison only. Your actual rate, payment, and approval depend on your full credit report, verified income and assets, the property, and the guidelines in effect when you apply.
Want real numbers instead of estimates? Get pre-qualified in minutes, no credit pull, or call Alex at (847) 899-6882.