- The state’s rules, as above
Illinois closing cost calculator
Outside Chicago, Illinois buyers usually pay no transfer tax. Chicago buyers pay the city’s 0.75% transfer tax, and in much of Illinois each side
Compare prices
Same loan and costs, different prices. Useful for weighing
A Illinois purchase, worked out
The calculator opens on $280,000, about the median value of an owner-occupied home in Illinois ($280,700, 2024 Census estimate), with 20% down on a 30-year conventional loan and a closing on
The buyer brings about $62,574: $56,000 down and $6,574 in closing costs, 2.3% of the price. Illinois charges the buyer no state transfer or mortgage tax, though a county or city can. The monthly payment comes to about $1,774, with property
| Down payment | $56,000 |
|---|---|
| Origination and lender feesest. | +$2,240 |
| Appraisalest. | +$700 |
| Lender’s title insuranceest. | +$500 |
| Settlement or escrow feeest. | +$600 |
| Closing attorneyest. | +$900 |
| Recording feesest. | +$250 |
| Property tax credit from the sellerest. | −$2,593 |
| Homeowner’s insurance, first yearest. | +$1,500 |
| Prepaid interest (27 days)est. | +$1,077 |
| Property tax escrow (3 months)est. | +$700 |
| Insurance escrow (2 months)est. | +$250 |
| Home inspectionest. | +$450 |
| Cash to close | $62,574 |
Estimates are tagged “est.”; Illinois’s taxes follow its rules. A “−” is a credit, like the seller’s share of this year’s property tax where it’s paid after
At other prices
Illinois has no state tax of its own on the buyer. Each row has 20% down on
| Price | Illinois’s buyer taxes | Closing costs | Cash to close | Monthly payment |
|---|---|---|---|---|
| $250,000 | — | $6,422 | $56,422 | $1,597 |
| $500,000 | — | $8,860 | $108,860 | $3,153 |
| $750,000 | — | $11,750 | $161,750 | $4,730 |
| $1,000,000 | — | $14,700 | $214,700 | $6,307 |
| $2,000,000 | — | $26,499 | $426,499 | $12,613 |
Buying in Illinois: what to know
No buyer’s taxes
Illinois has no mortgage tax. Buyers in Chicago pay the city’s $3.75 per $500 transfer tax (0.75%), and some other home-rule cities
Real estate transfer tax
Illinois charges a state transfer tax of $0.50 per $500 (0.1%) and a county tax of $0.25 per $500 (0.05%), both customarily paid by the seller, for $0.75 per $500 together. Home-rule cities can add their own. An existing mortgage the buyer assumes is excluded
Title insurance
Illinois is a seller-pay state for the owner’s policy: under Chicago-area contracts the seller furnishes the title commitment
Who runs the closing
Illinois doesn’t require an attorney by law, but in the Chicago area and much of the state each side customarily hires a real estate attorney, and standard contracts include an attorney review period. Budget a
Property taxes and escrow
Illinois property taxes are paid a year in arrears: 2025 taxes are billed and paid in 2026. In Cook County the first installment is an estimated 55% of the prior year’s bill. At closing the seller credits the buyer for any unpaid prior-year tax plus the current year to date, usually estimated from the
Local differences
Chicago: the buyer pays $3.75 per $500 (0.75%) and the seller pays the $1.50 per $500 (0.3%) CTA tax, on top of the seller’s state and county stamps. Chicago’s 2024 proposal to raise rates on high-end sales failed, and rates are unchanged as of September 2026. Evanston and other suburbs have their own taxes, often with water or
Illinois by city
Most of Illinois follows the rules above. These cities add a tax of their own, set a different rate or change who pays, and the calculator applies them when you pick one. Amounts are what the buyer usually pays in transfer and deed taxes on $280,000 with 20% down, plus the owner’s title policy where the buyer
- Chicago’s 0.3% seller tax
- Chicago’s real property transfer tax 0.75%
Buying in Illinois: questions
How much is the Chicago transfer tax for buyers?
Chicago buyers pay $3.75 per $500 of the price, or 0.75%. On a $400,000 home
Do I need an attorney to buy a home in Illinois?
It isn’t required by law, but in the Chicago area and much of Illinois buyers customarily hire a real estate attorney, and contracts include an
Is there a mortgage tax in Illinois?
No. Illinois buyers pay recording fees on the mortgage but no tax on
How much are closing costs in Illinois?
On a $280,000 home with 20% down on a conventional loan, the calculator’s estimates put a Illinois buyer’s closing costs at about $6,574, or 2.3% of the price, and cash to close at $62,574. Illinois charges the buyer no state transfer or mortgage tax, though a county or city can. Lender fees, insurance and the rate vary, so put in your lender’s Loan Estimate for
Is anything I type saved?
No. The calculator runs in your browser and sends nothing to us. A copied link carries the numbers in the address itself, so only people you share it with
Sources
Illinois’s rules were checked against these on
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Further reading
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