Illinois Closing Cost Calculator

Buyers in Illinois typically pay around 2.4% of the purchase price in closing costs. On a $400,000 home, that's roughly $9,600 — separate from your down payment. This covers lender fees, third-party fees (appraisal, inspection, title), state and local taxes, and prepaid escrow items.

Illinois's state realty transfer tax is 0.1% of the purchase price. On a $400,000 home, that's about $400. Responsibility for paying the transfer tax is negotiable but often follows local custom — your title company will confirm who pays at closing.

No, Illinois does not impose a separate mortgage recording tax. You'll still pay standard recording fees (typically around $100) to record the deed and mortgage with the county, but there's no percentage-based mortgage tax.

In Illinois, the buyer typically pays lender fees (origination, appraisal, credit report), third-party fees (inspection, attorney if used, title insurance lender policy), and prepaid items (first months of property tax escrow, hazard insurance, prepaid interest). The seller typically pays the real estate commission and the owner's title insurance policy. Transfer tax responsibility is negotiable but often follows local custom — your title company will confirm at closing.

Yes. The IHDA Access program offers down payment and closing cost assistance to qualifying first-time buyers in Illinois. Income limits and home price caps typically apply. Eligibility, current grant/loan amounts, and approved lender list change each year — check the Illinois housing finance agency or speak with a local lender for current terms.

Some loan programs allow it. For VA and USDA loans, certain costs can be financed. For FHA and conventional loans, you typically cannot finance closing costs into the loan amount, but you can negotiate seller concessions (the seller pays a portion of your closing costs out of their sale proceeds). Seller concessions in Illinois are capped by loan program — conventional: 3% (high LTV) to 9% (low LTV); FHA: 6%; VA: 4%.

This calculator uses Illinois median rates and typical fee ranges to produce a reasonable estimate. Your actual closing costs vary by lender (origination fees range from 0% to 1.5%+), title company (insurance and search fees are competitive), county (recording fees and local transfer taxes vary), property (older homes may need extra inspections), and loan program (FHA, VA, conventional have different fee structures). Your binding number is the Loan Estimate (within 3 days of application) and Closing Disclosure (3 days before closing) from your lender.