875 North Michigan Avenue
Mortgage calculator
What will it cost each month?
Enter a price, your down payment and a rate to see an estimated monthly payment.
Estimated monthly payment
$2,023
| Principal & interest | $2,023 |
|---|---|
| Property tax | Not included |
| Home insurance | Not included |
- Loan amount
- $320,000
- Total interest over 30 years
- $408,142
An estimate for planning only. Your lender sets the final rate and payment.
Talk to ArzooChicago buyers ask
- How much is property tax on a home in Chicago?
- For an owner-occupied Chicago home, the tax is roughly (market value x 10% x 3.0355 - $10,000 homeowner exemption) x 6.619%. A $400,000 home comes to about $7,375 a year, a little under 1.9% of its value. Special service areas and investment properties pay more.Source: Cook County Clerk 2024 tax rates; Illinois Department of Revenue equalizer; Cook County Assessor exemption
- How much is homeowners insurance in Chicago?
- About $3,745 a year for a house and about $870 a year for a condo owner's (HO-6) policy, on average. Your quote depends on the building, coverage and deductible.Source: NerdWallet 2026 rate analysis, Chicago averages
- What are typical condo HOA fees in Chicago?
- Many Chicago condo associations charge around $300 to $400 a month, and full-amenity high-rises can run well above that. Always read what the dues cover: heat, water, parking and reserves vary by building.Source: FirstService Residential, Chicago association fees
- Do I need mortgage insurance with less than 20% down?
- On most conventional loans, yes. Lenders usually require private mortgage insurance (PMI) until you reach 20% equity. This calculator estimates it at 0.5% of the loan per year; your lender will quote the real figure.
- What transfer taxes does a seller pay in Chicago?
- Illinois charges $0.50 and Cook County $0.25 per $500 of the price, and the seller customarily pays the Chicago CTA portion of $1.50 per $500. The $3.75 City portion is customarily paid by the buyer.Source: Illinois Department of Revenue; Cook County ordinance; City of Chicago Real Property Transfer Tax