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Financial Tools

What Can You Actually Afford?

A mortgage calculator, pre-approval guidance, and personalized closing cost estimates — built for Chicago buyers and sellers.

Mortgage Calculator

Estimate your monthly payment.

Adjust the inputs to see how price, down payment, rate, and term change what you'll owe each month — including taxes, insurance, and HOA.

Home Price $500,000
Down Payment 20% · $100,000
Loan Term
Interest Rate
Property Tax / yr
Insurance / yr
HOA / month
Estimated Monthly Payment
$3,244/mo
Principal & Interest $2,594
Property Tax $500
Insurance $150
Loan Amount $400,000
Total Interest $533,804
PeriodPaymentPrincipalInterestBalance
Pre-Approval, Explained

The four things every Chicago buyer should understand before they tour a single property.

01

Pre-qualification vs. pre-approval

A pre-qualification is a conversation — a lender eyeballs what you tell them and offers a ballpark loan amount. Nothing is verified.

A pre-approval is a document. The lender has pulled your credit, verified your income and assets, and issued a letter committing to lend up to a specific amount. In Chicago's market, only one of these wins offers.

02

What lenders look for

Four factors carry almost all of the weight. Strengthen any one of them and your rate improves.

Debt-to-income ratio (DTI) Credit score & history Reserves & liquid assets Two-year employment history
03

Documents to have ready

Pull these together before your first call with a lender — it cuts the pre-approval timeline from weeks to days.

W-2s (past two years) Federal tax returns Bank statements (60 days) Government-issued photo ID Recent pay stubs Investment & retirement statements
04

Why pre-approval wins in Chicago

Chicago's strongest listings generate multiple offers — and when they do, sellers choose the cleanest one, not simply the highest.

A written pre-approval tells the seller your financing is real. Without it, your offer sits in the pile with every buyer who hasn't done the work.

For Buyers

Get a Personalized Buyer Closing Cost Estimate.

Closing costs vary by municipality, title company, and loan type. Send me your details — I'll run a custom estimate and email it back within 24 hours.

Sent directly to matt@theneistatgroup.com.

Request Received

Thanks — I'll review your details and email a personalized estimate within 24 hours.

For Sellers

Get a Personalized Seller Net Proceeds Estimate.

Every sale is different — transfer taxes, title fees, and prorations all shift by location. Send me your details and I'll run the numbers for you.

Sent directly to matt@theneistatgroup.com.

Request Received

Thanks — I'll review your details and email a personalized estimate within 24 hours.

Frequently Asked

The questions buyers actually ask.

Conventional loans typically require 5%–20%, FHA loans allow as little as 3.5%, and some programs go lower with strong credit. In Chicago's luxury market, 20% is the cleanest path to a competitive offer and no private mortgage insurance — but plenty of strong buyers close with less.
620 is the usual floor for conventional financing; FHA loans can go to 580 or lower with a larger down payment. For the best rates — the ones that meaningfully lower your monthly payment — lenders look for 740+.
With documents ready, most of my clients have a pre-approval letter in hand within 48–72 hours. Without them, expect one to two weeks. If you think you might buy in the next 90 days, start now.
For an initial look at open houses, no. But once we're scheduling private showings — especially in the $1M+ range — listing agents expect to see a letter before they open the door. I'd rather you have it than not.
Plan on 2%–4% of the purchase price for a buyer in Cook County — title, survey, attorney, origination, escrows, and transfer taxes. Sellers see 6%–8% net of commission, driven largely by Chicago's city transfer tax ($3.75 per $500) plus Cook County and state transfer taxes. For an exact number on your specific property, request a personalized estimate above.
In Illinois, buyers cover their own lender fees, title insurance (lender's policy), survey, attorney, inspection, and escrows. Sellers cover commission, owner's title policy, attorney, state and county transfer taxes, and — in Chicago — the city transfer tax. Property taxes are prorated at 105% through the closing date, credited to the buyer.