Mortgage Calculator & Closing Costs: Champaign, IL
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Champaign, Illinois.
Median Home Price
$195K
Population
88K
Avg Monthly Rent
$1,020
Property Tax Rate
2.07% *
* Property tax shown is the Illinois state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Champaign.
Champaign vs Illinois Median
The median home price in Champaign is $195,000, which is 28% below the Illinois state median of $270,000.
Mortgage Calculator — Champaign, IL
Pre-filled with Champaign median home price and Illinois tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $195K home using Illinois's 2.07% tax rate and $1,900/yr insurance.
5% Down
$1,774/mo
Down: $9,750
Loan: $185K
P&I: $1,171
Tax: $336
Insurance: $158
PMI: $108
10% Down
$1,706/mo
Down: $19,500
Loan: $176K
P&I: $1,109
Tax: $336
Insurance: $158
PMI: $102
20% Down (No PMI)
$1,481/mo
Down: $39,000
Loan: $156K
P&I: $986
Tax: $336
Insurance: $158
Income needed (28% rule): $63K/year with 20% down, $73K/year with 10% down.
Rent vs Buy in Champaign
Rent
$1,020/mo
vs
Buy (10% down)
$1,706/mo
Price-to-rent ratio: 15.9 — A ratio between 15-20 means the rent vs buy decision in Champaign depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Champaign is $195,000, 28% below the Illinois state median of $270,000. With a population of 88,302, Champaign is a smaller market where home prices tend to be more accessible than in many parts of Illinois.
Property taxes in Illinois average 2.07% annually. This higher-than-average tax rate means a $195,000 home in Champaign would carry roughly $336/month in property taxes alone — plan accordingly. Homeowners insurance in Illinois runs approximately $1,900 per year. This is within the normal range nationally.
Average rent in Champaign is $1,020/month. The price-to-rent ratio in Champaign is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Champaign offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Illinois's IHDA 1stHomeIllinois program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Champaign.