Illinois Closing Cost Calculator (2026)
Accurately calculate buyer and seller settlement costs across Illinois. Includes City of Chicago transfer stamps ($5.25/$500), suburban municipality taxes, Cook County tax prorations in arrears, and title insurance rates.
Illinois Property & Transaction Details
Your Estimated Illinois Settlement Summary
Itemized Illinois Closing Breakdown
| Purchase Price: | $0 |
| Buyer Down Payment: | $0 |
| Illinois State Transfer Tax ($0.50/$500): | $0 |
| County Transfer Tax ($0.25/$500): | $0 |
| City / Municipal Transfer Tax: | $0 |
| Title Insurance Policy: | $0 |
| Attorney Legal Fee: | $0 |
| Escrow Prepaids (Tax & Insurance): | $0 |
| Total Estimated Cash to Close: | $0 |
How Illinois Real Estate Closing Costs Work in 2026
In Illinois, closing costs differ substantially between buyers (typically 2% to 4%) and sellers (typically 6% to 8.5%). Furthermore, properties within the City of Chicago are subject to one of the nation's most notable municipal transfer taxes—totaling $5.25 per $500 of value (1.05%) split between buyer ($3.75) and seller ($1.50).
Illinois Real Estate Transfer Tax Rates: State, County & Municipal Breakdown
Transfer tax in Illinois is charged via revenue stamps purchased at settlement:
| Tax Level | Rate per $500 of Value | Effective Tax % | Standard Payer | Cost on $425,000 Home |
|---|---|---|---|---|
| Illinois State Transfer Tax | $0.50 per $500 | 0.10% | Seller | $425.00 |
| County Transfer Tax (e.g. Cook) | $0.25 per $500 | 0.05% | Seller | $212.50 |
| City of Chicago – Buyer Portion (CTA) | $3.75 per $500 | 0.75% | Buyer | $3,187.50 |
| City of Chicago – Seller Portion | $1.50 per $500 | 0.30% | Seller | $1,275.00 |
| Combined Chicago + State + County | $6.00 per $500 | 1.20% | Buyer + Seller Split | $5,100.00 |
Cook County Property Tax Prorations in Arrears (The 105%–110% Rule)
Illinois property taxes are billed and paid one year in arrears (e.g., taxes for 2025 are paid in two installments during 2026). Because the exact tax bill for the current year of sale has not yet been determined by the Cook County Assessor, settlement standard contracts (Multi-Board 7.0) require the seller to give the buyer a credit at closing equal to 105% to 110% of the prior year's tax bill prorated to the exact day of closing.
Itemized Buyer vs. Seller Closing Cost Responsibilities in Illinois
| Closing Cost Expense | Buyer Pays | Seller Pays | Typical Amount / Benchmark |
|---|---|---|---|
| Owner Title Insurance Policy | No | Yes | ~$2,100 – $2,800 (Protects Buyer's Title) |
| Lender Title Insurance Policy | Yes | No | ~$500 – $750 (Simultaneous Issue Rate) |
| City of Chicago Transfer Stamps | Yes ($3.75/$500) | Yes ($1.50/$500) | $3,188 Buyer / $1,275 Seller on $425k |
| State & County Transfer Stamps | No | Yes ($0.75/$500) | $637.50 total on $425k |
| Real Estate Broker Commission | No | Yes | 5.0% to 6.0% of total sales price |
| Real Estate Attorney Fee | Yes | Yes | $750 – $1,200 each for independent counsel |
| County Recording & Closing Fee | Yes (~$350) | Yes (~$450) | Deed and mortgage recording fees |
| Property Tax Proration Credit | Receives Credit | Pays Credit | 105% – 110% of daily tax proration |
Frequently Asked Questions (FAQ)
How much are closing costs in Illinois?
In Illinois, buyer closing costs typically range from 2.0% to 4.0% of the purchase price when financing. For sellers, closing costs range from 6.0% to 8.5%, driven by real estate broker commissions (5% to 6%), the owner title policy, and state/county/city transfer taxes.
What is the City of Chicago Real Property Transfer Tax rate?
The City of Chicago imposes a total transfer tax of $5.25 per $500 of value (1.05%). By municipal code, the buyer pays $3.75 per $500 (0.75%, consisting of $1.50 City + $2.25 CTA transit portion), while the seller pays $1.50 per $500 (0.30%).
What are the Illinois State and County real estate transfer taxes?
Statewide, Illinois levies a State Transfer Tax of $0.50 per $500 of value (0.10%) and an additional County Transfer Tax of $0.25 per $500 of value (0.05%). Both of these taxes are customarily paid entirely by the seller at settlement.
Who pays for title insurance in Illinois?
Under standard Illinois residential purchase contracts (Multi-Board 7.0 / Chicago Association of REALTORS contract), the seller pays for the Owner Title Insurance Policy to prove clear title, while the buyer pays for the Lender Title Policy if obtaining a mortgage.
How do property tax prorations work in Cook County, Illinois?
In Illinois, property taxes are paid in arrears (one year behind). Because the exact tax bill for the current year is unknown at closing, the seller gives the buyer a tax credit at closing—customarily calculated at 105% to 110% of the most recently issued annual tax bill.
Is a real estate attorney required for closing in Illinois?
While not legally mandated by state statute, hiring a real estate attorney is customary practice throughout Illinois, particularly in the Chicago metro area. Attorney fees typically range from $600 to $1,200 for a standard residential closing.
What other Illinois municipalities have local real estate transfer taxes?
Beyond Chicago, several home-rule municipalities impose local transfer taxes, including Evanston ($5.00/$1k up to $1.5M, sliding up to $9.00/$1k), Naperville ($1.50/$1k), Aurora ($3.00/$1k), Highland Park ($5.00/$1k), and Oak Park ($8.00/$1k).
How much are closing costs on a $400,000 home in Chicago?
On a $400,000 Chicago home with 20% down: A buyer pays ~$12,800 (including $3,000 Chicago CTA transfer tax, $1,600 lender fees, $800 attorney, and $6,500 tax/ins escrow). A seller pays ~$28,600 (including $20,000 commission, $2,400 state/county/city transfer tax, $2,200 title policy, and attorney fee).
Explore Related State Closing Cost Calculators
- Ohio Closing Cost Calculator — Calculate county conveyance fees and title rates in the Midwest.
- New York Closing Cost Calculator — Estimate NYC transfer taxes, Mansion Tax, and mortgage recording fees.
- Pennsylvania Closing Cost Calculator — Calculate PA 2% transfer tax and Philadelphia 4.278% rates.
- Seller Closing Cost Calculator — Estimate net seller proceeds after broker fees and deed taxes.