#18 Mortgage Calculator Illinois

Looking for a reliable mortgage calculator Illinois? Our user-friendly Illinois mortgage calculator provides accurate calculations for mortgage payments, loan amounts, and affordability. Take the guesswork out of your home financing by using our helpful tool.

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Mortgage Calculator Illinois

Current Mortgage Rates Illinois

As of August 4, 2023, the current mortgage rates in Illinois are as follows:

  • Conventional loan: 7.868%
  • FHA loan: 7.625%
  • VA loan: 7.500%
  • USDA loan: 7.375%

Jumbo Mortgage Rates Illinois

As of August 4, 2023, the average jumbo mortgage rate in Illinois is 8.04%, according to Bankrate. This is higher than the average conventional mortgage rate in Illinois, which is 7.868%.

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Best Mortgage Lenders in Illinois

Here are some of the best mortgage lenders in Illinois, based on customer reviews, interest rates, and fees:

  • Guaranteed Rate
  • Chase
  • Wells Fargo
  • Bank of America
  • US Bank
  • Rocket Mortgage
  • Veterans United Home Loans
  • Freedom Mortgage
  • New American Funding
  • Guild Mortgage
  • Illinois Housing Development Authority (IHDA)

Mortgage Brokers in Illinois

Here are some of the best mortgage brokers in Illinois, based on customer reviews, interest rates, and fees:


  • Guaranteed Rate
  • United Wholesale Mortgage
  • Midamerica Lenders & Co
  • Market Place Mortgage Corp.
  • Smart Mortgage Centers

Current Mortgage Rates Chicago

As of August 4, 2023, the current mortgage rates in Chicago, Illinois, are as follows:

Conventional Loan: 7.868%

FHA Loan: 7.625%

VA Loan: 7.500%

USDA Loan: 7.375%



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Current Mortgage Rates Rockford

Here are the current mortgage rates in Rockford, Illinois as of August 4, 2023, for borrowers with good credit and a 20% down payment:

Conventional Loan: 7.868% 

FHA Loan: 7.625% 

VA Loan: 7.500% 

USDA Loan:  7.375%



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Current Mortgage Rates Springfield

Here are the current mortgage rates in Springfield, Illinois as of August 4, 2023, for borrowers with good credit and a 20% down payment:

Conventional Loan: 7.868% 

FHA Loan: 7.625% 

VA Loan: 7.500% 

USDA Loan: 7.375%


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Current Mortgage Rates Naperville

Here are the current mortgage rates in Naperville, Illinois, as of August 4, 2023, for borrowers with good credit and a 20% down payment:

Conventional Loan: 7.868%

FHA Loan: 7.625%

VA Loan: 7.500%

USDA Loan: 7.375%


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Current Mortgage Rates Peoria 

Here are the current mortgage rates in Peoria, Illinois, as of August 4, 2023, for borrowers with good credit and a 20% down payment:

Conventional Loan: 7.868%

FHA Loan: 7.625%

VA Loan: 7.500%

USDA Loan: 7.375%

Current Mortgage Rates Champaign

Mortgage Rates Champaign, Illinois - August 4, 2023

Conventional Loan: 7.868% |

FHA Loan: 7.625% |

VA Loan: 7.500% |

USDA Loan: 7.375%

Lowest Mortgage Rates in Illinois

As of August 4, 2023, the lowest mortgage rates in Illinois are for USDA loans, which have an average interest rate of 7.375%. FHA loans are also relatively affordable, with an average interest rate of 7.625%. VA loans and conventional loans have higher average interest rates, at 7.500% and 7.868%, respectively.

First Time Home Buyer illinois Programs

Here are some first-time home buyer programs available in Illinois:


Illinois Housing Development Authority (IHDA) First-Time Homebuyer Mortgage Loan: This program offers a 30-year fixed-rate mortgage with a down payment as low as 3%. Borrowers must meet certain income and credit score requirements.


USDA Rural Development Loan: This program offers 100% financing to eligible borrowers who are purchasing a home in a rural area.


VA Home Loan Guaranty Program: This program offers zero-down-payment loans to eligible veterans and service members.


FHA Loan: This program offers low down payment loans to borrowers with credit scores as low as 580.


Illinois Homebuyer’s Down Payment Assistance Program: This program offers up to $7,500 in down payment assistance to eligible first-time homebuyers.


Illinois Home Sweet Home Loan Program: This program offers a 30-year fixed-rate mortgage with a down payment as low as 3% to eligible first-time homebuyers. Borrowers must meet certain income and credit score requirements.

First-Time Home Buyer illinois Requirements

The requirements for first-time homebuyers in Illinois vary depending on the program you are applying for. However, there are some general requirements that most programs share. These requirements include:


Income: You must meet a certain income requirement to qualify for most first-time homebuyer programs in Illinois. The specific income requirement will vary depending on the program and the county in which you live.


Credit score: You must have a minimum credit score to qualify for most first-time homebuyer programs in Illinois. The specific credit score requirement will vary depending on the program.


Down payment: Most first-time homebuyer programs require a down payment. However, the amount of the down payment will vary depending on the program.


Employment: You must be employed and have a steady income to qualify for most first-time homebuyer programs in Illinois.


Residency: You must be a resident of Illinois to qualify for most first-time homebuyer programs in Illinois.

Credit Score To Buy A House in Illinois

Here is a summary of the minimum credit score requirements for some of the most common loan programs in Illinois:


Conventional loan: 620

FHA loan: 580

VA loan: No minimum credit score requirement

USDA loan: 640

Commercial Mortgage Rates in Illinois

As of August 4, 2023, commercial mortgage rates in Illinois are ranging from 5.48% to 15.1%, depending on the loan program and the borrower's qualifications.

Mortgage rates Illinois history

Here is a table of average 30-year fixed mortgage rates in Illinois from 2012 to 2023:


Year             Average 30-year fixed mortgage rate in Illinois

2012                           3.70%

2013                           3.87%

2014                           4.13%

2015                           4.21%

2016                           3.74%

2017                           4.00%

2018                           4.81%

2019                           4.11%

2020                           3.72%

2021                           3.14%

2022                           5.25%

2023                           7.87% (as of August 4, 2023)

Current FHA mortgage rates Illinois

As of August 4, 2023, the current FHA mortgage rates in Illinois are:


30-year fixed: 7.625%

15-year fixed: 7.20%

FAQs:

What is a good amount for a mortgage?

The ideal mortgage amount varies based on individual financial circumstances. It is generally recommended to aim for a mortgage that allows for comfortable monthly payments without exceeding 28-30% of your gross monthly income.

How is a mortgage calculated?

A mortgage is calculated based on factors such as loan amount, interest rate, loan term, and the type of mortgage. By considering these variables, lenders use formulas to determine the monthly payment amount.

How is mortgage interest calculated?

Mortgage interest is calculated based on the outstanding loan balance and the annual interest rate. Lenders typically use the principal balance and the interest rate to determine the interest portion of the monthly mortgage payment.

What if I pay my mortgage early?

Paying your mortgage early can help you save on interest payments over the loan term. By making additional principal payments, you can reduce the overall interest paid and potentially shorten the loan term.

How much principal is paid on a mortgage?

The principal portion of a mortgage payment depends on the loan balance and the amortization schedule. Initially, a larger portion of the payment goes towards interest, but as the loan progresses, more of the payment is applied to the principal.

What is the monthly payment formula?

The formula to calculate the monthly mortgage payment typically includes the loan amount, interest rate, and loan term. It considers the interest compounding and the repayment schedule to determine the fixed monthly payment amount.

What is the loan formula?

The loan formula takes into account factors such as loan amount, interest rate, and loan term to calculate the total cost of the loan, including both principal and interest payments over the loan term.

How do you calculate a loan?

To calculate a loan, you need to consider the loan amount, interest rate, and loan term. By inputting these details into a loan calculator or using mathematical formulas, you can determine the monthly payment amount and total cost of the loan.

#18 Mortgage Calculator Illinois