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, real expenses, and a 15% breathing-room cushion. It answers: "What can I afford without becoming house poor?"
Bank Max Approval is based on your gross income and the 43% debt-to-income rule. Banks don't factor in groceries, gas, savings, or your life. They only see documented debts.
The smart move: use your comfortable number as your target. The bank's approval is a ceiling, not a recommendation.
What About First-Year Costs?
Your monthly payment is just the beginning. The first year of homeownership typically costs 2–3% of your home's value beyond your mortgage: furniture, repairs, lawn equipment, HVAC service, and unexpected fixes. That's why we ask about reserves — the cash you keep after closing is your safety net.