Compare Springfield, IL mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Springfield.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Springfield. Plus, shopping lenders is free and there is no obligation.
December 1, 2023
Below we provide helpful information on the real estate market, home prices and housing affordability in Springfield. Understand how much you need to earn to afford a home in Springfield, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Springfield fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Springfield is right for you.
The median home value for Springfield, IL (Sangamon County) is $170,766
Based on current mortgage rates and a 10% down payment, you need to make $35,625 per year to buy the median priced home in Springfield
With this income, you could qualify for a $153,690 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Springfield is $825
The median household income for Springfield, IL (Sangamon County) is $69,466
Based on this income, you can afford a home valued at approximately $332,983
The home price you can afford to buy based on household income in Springfield is 195% of the median home value which means housing prices are average. Springfield (Sangamon County) ranks 76 out of 102 counties in Illinois and 875 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Springfield, IL is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Springfield (Sangamon County) below.
Conforming loan limits for Springfield, IL
FHA loan limits for Springfield, IL
VA loan limits for Springfield, IL