How Much Home
Can I Afford?
Plug in your real numbers. Get a home price based on your life — not just a bank formula.
Illinois Property Tax Reality
Illinois has the 2nd highest property taxes in the nation. On a $250,000 home at 2.3%, you'd pay $479/month in property taxes alone — often more than principal & interest in the early years. Always check the exact rate for a specific address.
Monthly Payment Breakdown
Your Down Payment Breakdown
Closing costs (title, lender fees, escrow, transfer taxes, etc.) typically run about 3% of the home price in Illinois. We factor that in so your down payment reflects what you'll actually have available after covering the cost to close.
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Why These Two Numbers Are Different
Your Comfortable Home Price is built from your actual take-home income and real expenses. It answers: "What can I afford without becoming house poor?" If you confirmed your expenses include annual costs, this uses 85% of what's left after debts and expenses. If not, we use 70% to build in a buffer for what most people forget.
Bank Max Approval is based on your gross income and the 28% front-end and 43% back-end debt-to-income rules. Banks don't factor in groceries, gas, savings, kids' activities, or your life. They only see documented debts.
The comfortable number is a starting point, not a destination. If your income varies, a life change is coming, or you just want more breathing room, dial down from here. The point of this tool isn't to give you a target. It's to show you the ceiling before life gets in the way.
What Does PITI Cover (and What It Doesn't)
PITI stands for Principal, Interest, Taxes, and Insurance. That's the four-part monthly cost the bank uses to evaluate your loan. The number we show you covers all four.
What PITI does NOT cover: utilities, HOA dues, maintenance, repairs, and the dozens of smaller costs that come with owning instead of renting. Plan for those separately. The first year of homeownership typically runs 2–3% of your home's value beyond your mortgage payment.