Illinois Closing Cost Calculator
Estimate Illinois closing costs for buyers and sellers. Transfer tax: 0.1%. Average total: 3% of price.
How This Calculator Works
Calculation methodology and assumptions
Closing costs in Illinois typically range from 2.5% to 3.5% of the purchase price. This calculator estimates individual line items including title insurance (0.5% of price), transfer taxes (0.1% in Illinois), recording fees, loan origination fees (1% of loan), appraisal, inspection, and escrow/prepaids. Illinois requires an attorney for real estate closings.
Frequently Asked Questions
How much are closing costs in Illinois?
Closing costs in Illinois average 3% of the purchase price. On a $255,000 home, that's approximately $7,650.
Does Illinois have transfer taxes?
Yes, Illinois has a transfer tax of 0.1% of the sale price. On a $255,000 sale, that's $255.
Do I need an attorney to close in Illinois?
Yes, Illinois is an "attorney state" — you are required to have an attorney present at closing.
Who pays closing costs in Illinois?
In Illinois, both buyers and sellers have closing costs. Buyers typically pay loan-related fees, appraisal, inspection, and their share of prepaids. Sellers usually pay real estate agent commissions and their share of transfer taxes. Some costs are negotiable between the parties.
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