Illinois closing cost calculator

Typical Illinois home value, September 2026: $295,943 (Zillow Home Value Index). Rounding that figure gives us $296,000, with $59,200 down and a loan of $236,800. Everything you bring on closing day is covered by the cash you'll need. Your down payment and closing costs together come to $65,642 here.

To arrange your loan, your lender charges an origination fee. In this example, that fee is the largest single line. Since our calculator has no Illinois table of title rates, we base the owner policy estimate on national figures. The figure your title company quotes may differ. The Fayette County schedule is what recording charges are based on.

Prices for homes vary widely across the state. Buyer closing costs are $4,382 for homes in the cheaper third, which have a typical value of $154,757. The priciest third has a typical value of $514,918, with buyer closing costs of $10,848.

Several states that border Illinois have similar numbers. These are the amounts buyers pay to close on a $296,000 home in each nearby state:

Illinois buyers pay $7,958 for a $400,000 home with 20% down. Across the 50 states and DC, the median comes to $7,850; Illinois is $108 higher.

For an owner-occupied Illinois home, the median property tax bill after you buy is $5,298 a year, about 2.01% of the median value for homes. Each line changes with your price, so put your price into the calculator to see your own figures.

Once you enter the sale price, all buyer and seller lines show up. The example assumes a 20% down payment. Put in your price and down payment so you can estimate your closing costs. The starting totals leave out commission, which appears only after you enter a rate.

Whenever a home sells, Illinois charges 0.1% of the price On a $296,000 home, the tax is $296; on a $400,000 home, the tax is $400. Among the 36 places with a state transfer tax (counting DC), Illinois ranks 31st from the top, placing it on the low end.

The law doesn't say who pays. Your sales contract decides who pays, since the Lake County pamphlet says payment may come from either side.

Every sale requires the buyer and seller to fill out the document, PTAX-203, the Illinois Real Estate Transfer Declaration, and send it to the county that has the home. If an existing mortgage stays in place, only the owner's equity is subject to the tax, provided the deed's front includes a statement confirming this.

In Lake County, a tax stamp is required on the deed as proof of payment; without it, the deed cannot be recorded. Paragraph E is the most widely used exemption there, and it covers deeds priced at $100 or less. A signed and dated exemption statement must appear on the deed. Lake County deeds cannot be recorded until the town stamp or exemption letter is provided for homes in Buffalo Grove, Highland Park, Lake Forest, Lincolnshire and Mettawa or North Chicago.

On top of the state tax, Chicago adds its own transfer tax The seller pays 0.3% and the buyer pays 0.75%.

Because the buyer's share is larger, Chicago buyers pay clearly more at closing than buyers in other parts of Illinois. In Chicago, if you're buying, allow for an extra 0.75% transfer tax on the price; if you're selling, allow for 0.3%.

In our example, the $296 state tax is the only seller line that comes before commission and mortgage payoff. Whoever your contract names pays it, so check before counting it as a seller cost. At a $400,000 sale price, sellers pay $400 in total, $40 less than the $440 state median. Those selling in Chicago must also pay the city's 0.3% share. Add your commission rate for a clearer view of what you actually take home.

Redfin puts the nationwide average buyer's agent commission at 2.42% of the price. We don't include it until you enter a rate. To see the full cost of your sale, enter the rate listed in your agreement.