Closing costs in Illinois
On a $500,000 home with 20% down, buyers in Illinois typically pay about $8,671 to $21,075 at closing, including prepaid taxes and insurance.
Typical buyer total1.7%–4.2%Of the price, 20% down
Closings handled byAn attorneyBuyers usually hire their own
Buyer-paid taxes1See below
Buyer-paid taxes
| Tax | On $500,000 with 20% down | Note |
|---|---|---|
| Municipal transfer stamps (some towns) | $0 – $1,500 | A number of Illinois towns add their own transfer tax; who pays depends on the town. |
Estimated closing costs by price
| Price | Loan | Closing costs | Share of price |
|---|---|---|---|
| $300,000 | Conventional, 20% down | $6,943 – $16,325 | 2.3%–5.4% |
| $300,000 | FHA, 3.5% down | $7,291 – $17,237 | 2.4%–5.7% |
| $500,000 | Conventional, 20% down | $8,671 – $21,075 | 1.7%–4.2% |
| $500,000 | FHA, 3.5% down | $9,252 – $22,594 | 1.9%–4.5% |
| $750,000 | Conventional, 20% down | $10,831 – $27,013 | 1.4%–3.6% |
| $750,000 | FHA, 3.5% down | $11,703 – $29,292 | 1.6%–3.9% |
Who pays what in Illinois
Illinois’s state transfer tax ($0.50 per $500) and county tax ($0.25 per $500) are customarily paid by the seller.
In Illinois the seller customarily pays for the owner’s title policy; the buyer pays for the lender’s policy.
Questions
How much are closing costs for buyers in Illinois?
Often about 1.7% to 4.2% of the price with 20% down, including prepaid taxes and insurance.
Do buyers pay transfer tax in Illinois?
Buyers typically pay: Municipal transfer stamps.
More for Illinois
Sources: Illinois Department of Revenue (real estate transfer tax, 35 ILCS 200/31-10); Chicago Municipal Code §3-33-030. Fees are typical ranges, not quotes; your Loan Estimate lists the actual costs.