Start with an Illinois ownership budget, not just the note
The worked example uses a $350,000 home, $70,000 down, 6.5% interest and 30 years. Its $8,400 annual tax and $1,800 insurance amounts are manually entered allowances, with no HOA or mortgage insurance. They are not a statewide tax rate, an assessor’s result or a premium quote. Replace them with the buyer’s property-specific costs, add association charges where relevant, and keep maintenance, utilities and emergency cash in the household budget.
Put this into my plan ↗Read Illinois, Chicago metro and Chicago city separately
Illinois REALTORS publishes distinct statewide, nine-county Chicago metro and Chicago city series in its September 2026 article, dated October 22. It identifies underlying MLS sales data as of October 7 for the September observation period. The broader geography cannot establish what a particular neighborhood home should cost. Open the original report and its definitions before drawing comparisons; this edition does not republish its numerical series or convert its median into the mortgage example. Original September report ↗ Report directory ↗
Put this into my plan ↗Distinguish assessed value, EAV and the tax rate
Illinois Revenue explains that the bill depends on equalized assessed value and local taxing-district needs, with no single statewide property-tax rate. Most property follows a one-third assessment level, while Cook County uses a classification system with different levels. An assessment percentage is not the percentage of the purchase price you pay as tax. Obtain the correct assessment, equalization, exemptions and parcel bill, then enter an annual buyer estimate in the model. Illinois property-tax explanation ↗
Put this into my plan ↗Put the tax calendar beside the closing adjustment
Revenue describes installment schedules that vary by county, including an accelerated method using a prior-year bill for the first installment. Check the actual county treasurer’s current dates and the full annual charge rather than annualizing one payment blindly. Separately, the state explains that seller credits for an existing home depend on the contract and ownership period. A closing credit offsets settlement cash; it does not remove the buyer’s future tax obligation. Installment guidance ↗ Closing-tax responsibility ↗
Put this into my plan ↗Use the active IHDA directory for the actual purchase
IHDA directs homebuyers to its mortgage site, which lists active assistance programs, education and approved-lender resources. Confirm the relevant program’s primary-residence, household, property-price and buyer-contribution requirements with the program lender. County coverage alone does not establish eligibility. The site also states that availability is not guaranteed until a lender places a complete reservation. This workspace does not reserve funding, check credit or automatically add assistance to the down payment. IHDA Homebuyer Center ↗
Put this into my plan ↗Compare deferred, forgivable and repayable assistance
IHDA’s directory distinguishes assistance with no monthly payment, forgiveness conditions and scheduled repayment. Its Access Home explanation describes a second mortgage whose balance can become due on sale, refinance or at the stated term. Read the actual note and payoff rules for the chosen program before treating the help as a gift. Keep both the initial cash benefit and remaining debt visible at the planned exit, including any monthly second-loan payment in the household budget. Current assistance structures ↗
Put this into my plan ↗Make condominium documents part of the budget
Illinois’ Condominium and Common Interest Community Ombudsperson provides educational materials on association rights and obligations; the office does not resolve disputes or provide legal advocacy. Obtain the association’s actual budget, dues, reserves, assessment notices and insurance information for professional review. Enter a known assessment with its due date or installments in the condo model. A useful state resource, a reserve balance or this calculation cannot certify building condition, future charges or a project’s financing eligibility. Illinois association resources ↗
Put this into my plan ↗Ask which water damage the insurance actually covers
The Illinois insurance department distinguishes flood insurance from ordinary homeowners coverage and discusses other water-damage and coverage limitations. Ask the insurer about the property, flood coverage, sewer or sump-related endorsements, limits and deductibles that matter to the proposed policy. Enter the annual quoted cost while keeping deductible exposure in a separate cash reserve. A basement, a map designation or an online premium allowance cannot establish the cause or coverage of a future loss. Illinois flood and water-coverage guidance ↗
Put this into my plan ↗Treat testing and property condition as real cash questions
Illinois’ Ready-Test resource explains why radon requires testing rather than relying on what can be seen or smelled. Ask the appropriate professional about the actual home and current testing guidance, keeping any documented inspection or mitigation estimate with the purchase plan. This workspace does not perform a test, establish exposure or certify a home’s condition. Do not set an unresolved property concern to zero simply because the mortgage payment is known; keep a cash contingency until the investigation is complete. Illinois Ready-Test resources ↗
Put this into my plan ↗Request state, county and municipal transfer items separately
Illinois Revenue describes state transfer-tax administration, possible county tax and additional home-rule municipal transfer taxes. Obtain the actual closing statement or itemized estimate for the property’s jurisdiction and contract allocation. A fee from another Illinois town may not have the same scope. Keep transfer items, lender charges, title services, prepaid costs and the deposit already paid on their own lines, so a credit or estimate is not counted twice. Illinois transfer-tax reference ↗
Put this into my plan ↗Stress the cost of moving earlier than planned
Compare matching written Loan Estimates over the time you expect to keep the debt. Test an earlier sale, a different points choice and a higher property-cost allowance, looking at upfront cash and remaining balance as well as payment. Refinance availability and home appreciation are uncertain assumptions to explore separately. If you are still comparing rent with ownership, include transaction costs and the cash you retain in each path rather than comparing rent with principal and interest alone. CFPB quote-comparison reference ↗
Put this into my plan ↗Let the next conversation stay with MITEY
Organize the county, property type, timing and the questions that still need an answer. Use MITEY’s optional enquiry when you want to explore financing options, keeping street addresses and sensitive documents out of the message. The guide does not silently attach a numerical scenario. Any later provider introduction depends on confirmed availability and your permission, with the brand remaining your public point of contact. An enquiry does not issue an approval or promise a particular rate.
Put this into my plan ↗