Illinois First-Time Homebuyer Calculator
First-time homebuyer costs in Illinois: $8,925 FHA down payment, $7,650 closing costs, 2.27% property tax. See total upfront costs & monthly payments.
How This Calculator Works
Calculation methodology and assumptions
First-time homebuyer cost breakdown for Illinois. Includes down payment, closing costs (3%), PMI (required below 20% down), property tax (2.27%), and homeowners insurance ($1,780/yr). Note: Illinois requires an attorney at closing. DTI ratio should stay below 43% for conventional loans and 50% for FHA.
Key State Information
Illinois homebuyer facts: Median price $255,000 | 20% down = $51,000 | FHA 3.5% down = $8,925 | Closing costs ~$7,650 | Property tax 2.27% | Attorney required at closing.
Frequently Asked Questions
How much do I need to buy a house in Illinois?
For Illinois's median home ($255,000): FHA minimum down payment is $8,925 (3.5%), plus $7,650 in closing costs. Total minimum: ~$16,575. With 20% down to avoid PMI: ~$58,650.
What are closing costs in Illinois?
Illinois closing costs average 3% of the home price, or about $7,650 on the median home. This includes title insurance, appraisal, origination fees, recording fees, and required attorney fees. Transfer taxes are 0.1%.
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