Mortgage Rates in Calumet City, Illinois — March 2026
Updated March 2026 | Based on Calumet City market data and regional lending conditions
Calumet City is a growing city in Illinois with a population of 36,330. The current 30-year fixed mortgage rate in Calumet City is 6.73%, which is 0.08% above the national average. With a median home price of $244,000 and a 20% down payment of $48,800, homebuyers can expect a monthly principal and interest payment of approximately $1,263.
Current Mortgage Rates in Calumet City, IL
Below are the current average mortgage rates available in the Calumet City area as of March 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator above to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.73% | 6.65% | +0.08% |
| 15-Year Fixed | 5.98% | 5.89% | +0.09% |
| 5/1 ARM | 6.24% | 6.15% | +0.09% |
| FHA | 6.49% | 6.25% | +0.24% |
| VA | 6.24% | 6.05% | +0.19% |
| Jumbo | 6.98% | 6.85% | +0.13% |
Calumet City Housing Market Overview
The Calumet City housing market offers relatively affordable housing compared to many major cities. The median household income in Calumet City is $58,000, and the cost of living index is 85.1 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $71,571 to comfortably afford the median-priced home in Calumet City, which exceeds the current median household income.
Monthly Payment Breakdown for Calumet City
Based on the median home price of $244,000 with 20% down ($48,800), here is what you can expect to pay monthly in Calumet City:
15-Year vs. 30-Year Mortgage in Calumet City
Choosing a 15-year mortgage in Calumet City at 5.98% instead of a 30-year at 6.73% would save you $158,580 in total interest over the life of the loan. However, your monthly payment would be $1,645 instead of $1,263 — an increase of $382 per month.
Calculate Your Calumet City Mortgage Payment
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Open Free CalculatorFrequently Asked Questions About Mortgages in Calumet City
What are the current mortgage rates in Calumet City, IL?
As of March 2026, the average 30-year fixed mortgage rate in Calumet City, Illinois is 6.73%, while the 15-year fixed rate is 5.98%. FHA loans average 6.49% and VA loans 6.24%. These rates are 0.08% above the national average of 6.65%.
How much is a monthly mortgage payment in Calumet City?
Based on the median home price of $244,000 with 20% down, the estimated monthly mortgage payment in Calumet City is $1,263 for principal and interest. Including property taxes of $407/month, the total monthly housing cost is approximately $1,670.
What income do I need to buy a home in Calumet City?
Using the 28% rule, you would need an annual income of approximately $71,571 to afford the median-priced home in Calumet City at $244,000. The median household income in Calumet City is $58,000. This means most households would need to either earn above the median or consider homes below $244,000.
Is Calumet City a good place to buy a home in 2026?
Calumet City offers a below-average cost of living with a cost of living index of 85.1 (national average = 100). The property tax rate in Illinois is 2%, which is above the national average. Calumet City has a population of 36,330 and offers a very affordable lifestyle.
Mortgage Rates in Other Illinois Cities
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Last updated: March 2026. Rates are approximate averages based on regional lending data for the Calumet City, Illinois area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.