Illinois Closing Cost Calculator

Closing costs in Illinois

Buyers in Illinois typically pay around 2.4% of the purchase price in closing costs — separate from the down payment. On a $400,000 home that's roughly $9,600 in fees, taxes, and prepaid escrow.

What goes into closing costs?

• Lender fees — origination (typically 0.5–1.5% of loan), credit report, underwriting.
• Third-party fees — appraisal ($500–$700), home inspection ($400–$600), title search and title insurance.
• State and local taxes — transfer tax (0.1% in Illinois), recording fees, and Illinois does not impose a separate mortgage recording tax.
• Prepaid items — first months of property tax escrow, hazard insurance, and prepaid interest from closing day to month-end.

First-time buyer assistance in Illinois

The IHDA Access program offers down payment and closing cost assistance to qualifying first-time buyers in Illinois. Income limits and home price caps apply — check with a local lender or Illinois housing finance agency for current terms.

Who pays for what?

Closing cost responsibility splits vary by state custom and contract negotiation. In most US transactions the buyer pays lender, appraisal, inspection, and prepaid items. The seller typically pays real estate commissions and the owner's title policy. Transfer taxes split differently by state — in Illinois, transfer tax responsibility is negotiable but often follows local custom.

Compare to other states

Closing costs vary widely. Illinois buyers pay 2.4% on average — compare to high-cost states like Delaware (4.5%), New York (4.0%), and DC (4.0%), or low-cost states like Indiana (1.9%) and Missouri (1.6%). See the national calculator to compare side-by-side.