VA Loan Calculator — Illinois
An eligible VA borrower can buy the typical Illinois home ($298,000) with no down payment. The 2.15% first-use funding fee ($6,407) is rolled into a $304,407 loan, and there is no monthly mortgage insurance — saving about $134 a month versus FHA MIP on the same home.
Illinois has the highest effective property tax rate of the 50 states at 1.88% — $2,891 more a year than the 0.91% state average on a $298,000 home. Homeowners insurance averages $2,643 a year, the 23rd-highest premium nationally and $77 less than the typical state.
Loan Parameters
Total Monthly Payment
$2,718
Principal & Interest + Taxes + Insurance · no mortgage insurance
APR 7.242%
Total Interest
$426,888
Total Cost
$978,658
Advanced Parameters
Loan Summary
Payoff Date
Sep 2056
Interest / Principal
1.40x
Mortgage Insurance Ends
N/A
50% Equity
Jul 2048
Amortization Schedule
| Period | Payment | Principal | Interest | PMI | Balance | Equity |
|---|---|---|---|---|---|---|
| Year 1 | $24,376 | $3,074 | $21,302 | — | $301,333 | -$3,333 |
| Year 2 | $24,376 | $3,298 | $21,079 | — | $298,035 | -$35 |
| Year 3 | $24,376 | $3,537 | $20,839 | — | $294,498 | $3,502 |
| Year 4 | $24,376 | $3,794 | $20,583 | — | $290,704 | $7,296 |
| Year 5 | $24,376 | $4,069 | $20,307 | — | $286,635 | $11,365 |
| Year 6 | $24,376 | $4,365 | $20,012 | — | $282,270 | $15,730 |
| Year 7 | $24,376 | $4,682 | $19,695 | — | $277,589 | $20,411 |
| Year 8 | $24,376 | $5,022 | $19,355 | — | $272,567 | $25,433 |
| Year 9 | $24,376 | $5,386 | $18,990 | — | $267,181 | $30,819 |
| Year 10 | $24,376 | $5,777 | $18,599 | — | $261,404 | $36,596 |
| Year 11 | $24,376 | $6,197 | $18,180 | — | $255,207 | $42,793 |
| Year 12 | $24,376 | $6,647 | $17,730 | — | $248,560 | $49,440 |
| Year 13 | $24,376 | $7,129 | $17,247 | — | $241,431 | $56,569 |
| Year 14 | $24,376 | $7,647 | $16,729 | — | $233,784 | $64,216 |
| Year 15 | $24,376 | $8,202 | $16,174 | — | $225,582 | $72,418 |
| Year 16 | $24,376 | $8,798 | $15,579 | — | $216,784 | $81,216 |
| Year 17 | $24,376 | $9,437 | $14,940 | — | $207,347 | $90,653 |
| Year 18 | $24,376 | $10,122 | $14,255 | — | $197,225 | $100,775 |
| Year 19 | $24,376 | $10,857 | $13,520 | — | $186,369 | $111,631 |
| Year 20 | $24,376 | $11,645 | $12,731 | — | $174,724 | $123,276 |
| Year 21 | $24,376 | $12,491 | $11,886 | — | $162,233 | $135,767 |
| Year 22 | $24,376 | $13,398 | $10,979 | — | $148,835 | $149,165 |
| Year 23 | $24,376 | $14,370 | $10,006 | — | $134,465 | $163,535 |
| Year 24 | $24,376 | $15,414 | $8,963 | — | $119,051 | $178,949 |
| Year 25 | $24,376 | $16,533 | $7,843 | — | $102,518 | $195,482 |
| Year 26 | $24,376 | $17,733 | $6,643 | — | $84,785 | $213,215 |
| Year 27 | $24,376 | $19,021 | $5,355 | — | $65,764 | $232,236 |
| Year 28 | $24,376 | $20,402 | $3,974 | — | $45,362 | $252,638 |
| Year 29 | $24,376 | $21,884 | $2,493 | — | $23,478 | $274,522 |
| Year 30 | $24,382 | $23,478 | $904 | — | $0 | $298,000 |
VA Loan numbers for Illinois
- Typical Illinois home value
- $298,000
- 0% down ($0) · Zillow, August 31, 2026
- Loan amount
- $304,407
- Includes $6,407 financed funding fee
- Estimated monthly payment
- $2,718
- APR 7.242%
- Illinois property tax
- 1.88%
- $467/mo
- Homeowners insurance
- $2,643/yr
- $220/mo
- VA funding fee (first use)
- 2.15% · $6,407
- Financed; exempt with VA disability compensation
- Monthly savings vs FHA MIP
- $134/mo
- Same $298,000 home, FHA at 3.5% down
How much house can you afford in Illinois with a va loan?
Highest price where principal, interest, Illinois property tax and insurance, with the 2.15% VA funding fee financed and no monthly mortgage insurance stay within 28% of gross income —0% down, 30-year fixed at 7.03%. Other debts lower these numbers.
| Household income | Housing budget / mo | Max home price | Down payment | vs typical home |
|---|---|---|---|---|
| $50,000 | $1,167 | $112,000 | $0 | 38% |
| $75,000 | $1,750 | $182,000 | $0 | 61% |
| $100,000 | $2,333 | $252,000 | $0 | 85% |
| $125,000 | $2,917 | $321,000 | $0 | 108% |
| $150,000 | $3,500 | $391,000 | $0 | 131% |
| $200,000 | $4,667 | $530,000 | $0 | 178% |
| $250,000 | $5,833 | $669,000 | $0 | 225% |
VA vs other loan types in Illinois
$298,000 home, each program's typical minimum or default down payment, current average 30-year rate.
| Loan type | Down | Loan amount | Upfront fee | Monthly MI | Total / month | APR |
|---|---|---|---|---|---|---|
| Conventional | 10% · $29,800 | $268,200 | — | $161 PMI | $2,638 | 7.488% |
| FHA | 3.5% · $10,430 | $292,602 | UFMIP $5,032 | $134 MIP | $2,773 | 7.761% |
| VA | 0% · $0 | $304,407 | Funding fee $6,407 | $0 | $2,718 | 7.242% |
| JumboLoan is conforming (≤ $832,750) | 20% · $59,600 | $238,400 | — | $0 | $2,278 | 7.030% |
Frequently asked questions
What is the monthly payment on a $298,000 home with a va loan in Illinois?
Estimated $2,718 per month ($2,031 principal & interest, $467 property tax, $220 insurance) at 7.03% for 30 years, with 0% down. APR 7.242%.
How much is the VA funding fee on a $298,000 Illinois home?
$6,407 (2.15%) for a first-time user with no down payment. Putting 5% down lowers it to 1.5%, and 10% down to 1.25%.
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Data sources & assumptions
- Freddie Mac Primary Mortgage Market Survey (PMMS) — Weekly average as of September 24, 2026
- Zillow Home Value Index (ZHVI), typical home value, all homes — Default home prices; typical value as of August 31, 2026
- FHFA 2026 Conforming Loan Limit Values (one-unit) — 2026 one-unit limits, 56 states & territories
- Effective statewide property tax rate (Tax Foundation, 2026 projections) — Statewide effective rate; county rates vary
- Average annual homeowners premium, $300K dwelling / $1K deductible (industry survey averages) — Statewide average premium
- VA — Funding fee and closing costs
Estimates exclude lender origination fees, points and closing costs. See our methodology for formulas and limitations.