Mortgage Calculator
Model your monthly payment.
Adjust the inputs to see a full PITI + HOA estimate. Results are estimates only, not a lending commitment.
Estimated monthly
$4,335
These figures are estimates for planning purposes only and do not constitute a lending commitment. Actual rates, taxes, insurance, and HOA fees are set by your lender and the transaction details.
Learn as you plan
Mortgage essentials.
A few concepts every Chicago buyer should understand before locking a rate.
Affordability
Most lenders target a total housing payment (PITI + HOA) of 28–32% of gross monthly income, with total debt payments under 43%. Start with pre-approval — it's the honest budget.
Interest rate vs. APR
The interest rate sets your principal & interest payment. APR bundles rate plus lender fees, and is the truer cost-of-borrowing comparison between loan offers.
Loan term
30-year loans lower monthly payments; 15-year loans save tens of thousands in interest but raise the monthly. Choose the term that fits your cash flow, not just the headline rate.
Debt-to-income (DTI)
DTI = monthly debt payments ÷ gross monthly income. Conventional loans typically cap DTI at ~45%, FHA up to ~50%. Paying down cards before applying can materially expand your budget.
PMI & down payment
Conventional loans under 20% down usually add private mortgage insurance (PMI) until you reach 20% equity. FHA loans carry MIP for the life of the loan in most cases.
Escrow (taxes & insurance)
Illinois property taxes and homeowners insurance are typically escrowed monthly with your payment. Chicago taxes run ~1.7–2.3% of value depending on township — model them carefully.