What will you actually
wire at closing?
Your down payment isn't the number that leaves your account. See your real cash to close for an Illinois home purchase, including the property tax proration credit most calculators leave out.
The Purchase
Illinois Taxes and Insurance
How the Illinois proration credit works
Illinois property taxes are billed in arrears, so at closing the seller has owned the home for part of a tax year that has not been billed yet. The seller credits you for that time, and because the bill can run into five figures, so can the credit. This tool assumes the seller has already paid last year's full bill, which is common once the second installment is out. A closing early in the calendar year, before the prior year's bill is paid, produces a substantially larger credit. Your attorney computes the exact figure at the table. Check your contract for how the proration works: in many Illinois deals it's final at closing with no adjustment later, which is why the percentage is worth negotiating. If you have an attorney, ask them.
Credits and Money Already Down
Closing Costs, Prepaids and Escrow
What counts as prepaids and escrow
Prepaids and escrow are timing, not extra cost. Prepaid interest covers the days from your closing date through the end of that month. Your first full year of homeowners insurance is paid at closing. Your initial escrow deposit seeds the account the lender uses to pay your future tax and insurance bills. Closing later in the month lowers your prepaid interest, though a good closing date is worth more than the small savings.
What you are adding
What is coming off
Where to go next
Closing covered? Plan year oneSee what to set aside each year to keep the house running, and whether your cushion is enough. Taking on a mortgage? Check your coverageThis is when most people lock in Life Insurance. See how much would cover the loan and your family.Want to walk through your number line by line before you write an offer?
Schedule time with meWant to see the closing costs breakdown I walk Illinois buyers through line by line? Ask me for the closing costs guide.
Every figure here is an illustrative estimate for planning only, not a Loan Estimate, quote, or commitment to lend. Actual closing costs, prepaids, escrow, proration and credits are set by your lender, title company, attorney and signed contract. The tax proration credit assumes the seller has already paid the most recent full tax bill; confirm your exact figures with your attorney and lender.