Mortgage Calculator & Closing Costs: Springfield, IL
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Springfield, Illinois.
Median Home Price
$145K
Population
114K
Avg Monthly Rent
$880
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 Springfield.
Springfield vs Illinois Median
The median home price in Springfield is $145,000, which is 46% below the Illinois state median of $270,000.
Mortgage Calculator — Springfield, IL
Pre-filled with Springfield median home price and Illinois tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $145K home using Illinois's 2.07% tax rate and $1,900/yr insurance.
5% Down
$1,359/mo
Down: $7,250
Loan: $138K
P&I: $871
Tax: $250
Insurance: $158
PMI: $80
10% Down
$1,309/mo
Down: $14,500
Loan: $131K
P&I: $825
Tax: $250
Insurance: $158
PMI: $76
20% Down (No PMI)
$1,142/mo
Down: $29,000
Loan: $116K
P&I: $733
Tax: $250
Insurance: $158
Income needed (28% rule): $49K/year with 20% down, $56K/year with 10% down.
Rent vs Buy in Springfield
Rent
$880/mo
vs
Buy (10% down)
$1,309/mo
Price-to-rent ratio: 13.7 — With a ratio under 15, buying in Springfield is likely more cost-effective than renting if you plan to stay 3+ years. The monthly cost of buying is $429 more than renting, but you build equity with every payment.
The median home price in Springfield is $145,000, 46% below the Illinois state median of $270,000. With a population of 114,394, Springfield is a mid-size city 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 $145,000 home in Springfield would carry roughly $250/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 Springfield is $880/month. With a price-to-rent ratio under 15, buying may be more cost-effective than renting in Springfield over the long term.
Springfield 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 Springfield.