Cook County Mortgage Calculator
On the Cook County median home price of $305,000, a 20%-down, 30-year loan at today's 6.47% rate runs about $2,261/month — $1,537 principal & interest, $503 property tax at Cook County's 1.98% effective rate, and $220 homeowners insurance. That is about $25/month more than the Illinois state-average tax rate would cost on the same home. Enter your own price and down payment below.
$2,261 /mo
P&I: $1,537 · Tax: $503 · Insurance: $220
Loan amount: $244,000 · Total interest: $309,477
Yearly amortization schedule
| Year | Interest | Principal | PMI | Balance |
|---|---|---|---|---|
| 1 | $15,706 | $2,743 | — | $241,257 |
| 2 | $15,524 | $2,926 | — | $238,332 |
| 3 | $15,329 | $3,121 | — | $235,211 |
| 4 | $15,121 | $3,329 | — | $231,882 |
| 5 | $14,899 | $3,550 | — | $228,332 |
| 6 | $14,662 | $3,787 | — | $224,545 |
| 7 | $14,410 | $4,040 | — | $220,505 |
| 8 | $14,140 | $4,309 | — | $216,196 |
| 9 | $13,853 | $4,596 | — | $211,600 |
| 10 | $13,547 | $4,902 | — | $206,698 |
| 11 | $13,220 | $5,229 | — | $201,469 |
| 12 | $12,872 | $5,578 | — | $195,891 |
| 13 | $12,500 | $5,949 | — | $189,942 |
| 14 | $12,103 | $6,346 | — | $183,596 |
| 15 | $11,680 | $6,769 | — | $176,827 |
| 16 | $11,229 | $7,220 | — | $169,606 |
| 17 | $10,748 | $7,701 | — | $161,905 |
| 18 | $10,234 | $8,215 | — | $153,690 |
| 19 | $9,687 | $8,762 | — | $144,928 |
| 20 | $9,103 | $9,346 | — | $135,582 |
| 21 | $8,480 | $9,969 | — | $125,613 |
| 22 | $7,815 | $10,634 | — | $114,979 |
| 23 | $7,107 | $11,343 | — | $103,636 |
| 24 | $6,351 | $12,099 | — | $91,538 |
| 25 | $5,544 | $12,905 | — | $78,633 |
| 26 | $4,684 | $13,765 | — | $64,868 |
| 27 | $3,767 | $14,683 | — | $50,185 |
| 28 | $2,788 | $15,661 | — | $34,524 |
| 29 | $1,744 | $16,705 | — | $17,819 |
| 30 | $631 | $17,819 | — | $0 |
Rates: Freddie Mac PMMS (wk 2026-06-18). Property tax: Tax Foundation. Insurance: Insurance.com. PMI applies when your down payment is under 20% (LTV > 80%). You can request cancellation at 80% LTV; the servicer must auto-terminate it at 78% (Homeowners Protection Act). How we calculate →
Monthly payment breakdown for a Cook County home
At the Cook County median home price of $305,000, a conventional 30-year loan at 6.47% with 20% down splits into: $1,537 principal & interest, $503 property tax, and $220 homeowners insurance — a total PITI of $2,261/month.
The property tax line uses Cook County's real effective rate of 1.98% (median tax bill of $6,053 on a median home value of $305,200, US Census ACS), not a generic national average — so this figure reflects what Cook County actually charges, before any local exemption.
Cook County vs the Illinois state average property tax rate
Cook County's 1.98% effective property tax rate is above Illinois's 1.88% state average. On the same $305,000 home, that difference works out to $25/month more in the tax line of the mortgage payment compared with paying the Illinois average rate instead of Cook County's.
Property tax is set locally — by the county, city and school district — so the state average is only a rough guide. Two otherwise identical Illinois homes in different counties can carry meaningfully different monthly payments purely because of where the tax rate lands.
What the Cook County median buys vs a $400,000 national budget
A $400,000 home taxed at Cook County's 1.98% rate and insured at Illinois's average would run about $2,897/month — $636 more than the Cook County county median payment of $2,261/month, since Cook County's median home price ($305,000) is $95,000 below the $400,000 reference used elsewhere on this site.
In other words, price — not tax rate — usually drives the biggest gap between a Cook County payment and a generic national estimate. Use the calculator above to swap in your own target price.
PMI in Cook County if you put down less than 20%
Putting 10% down instead of 20% on the same $305,000 Cook County home adds private mortgage insurance (PMI) of about $183/month, bringing the total payment to roughly $2,636/month instead of $2,261. PMI is required on conventional loans below 20% down and cancels automatically once your loan balance reaches 78% of the original price.
Cook County mortgage — frequently asked questions
How much is a mortgage payment in Cook County?
On the Cook County median home price of $305,000, a 20%-down 30-year loan at 6.47% runs about $2,261/month total (principal, interest, property tax and insurance).
What is the property tax on the median home in Cook County?
Cook County's effective property tax rate is 1.98%, which works out to about $503/month ($6,039/year) on the $305,000 county median home value.
How does Cook County property tax compare to the rest of Illinois?
Cook County's 1.98% effective rate is above the Illinois state average of 1.88%, a difference of about $25/month on a $305,000 home.
What income do I need to afford a home in Cook County?
Using the common 28%-of-gross-income guideline against the $2,261/month PITI payment on the Cook County median home, that implies a gross annual income of roughly $96,897.
How much does PMI cost in Cook County with less than 20% down?
Putting 10% down on the $305,000 Cook County median home adds about $183/month in PMI, for a total payment near $2,636/month instead of $2,261.
What's included in a Cook County mortgage payment?
PITI: principal and interest together $1,537, property tax $503 at Cook County's 1.98% rate, and homeowners insurance $220 at the Illinois state average — no HOA dues assumed unless you add them above.
More Illinois counties in this pilot
Illinois mortgage calculator · Cook County property tax deep-dive — the full county-by-county property tax breakdown behind this payment estimate.
Mortgage calculators in other pilot counties
Researched & verified by the Calcuris Data & Research Team. How we build and check our tools →