Mortgage Rates in McHenry, Illinois — May 2026
Rate benchmark updated May 21, 2026 | Based on published national mortgage data, local housing inputs, and regional loan assumptions
Quick answer: $191,200 mortgage payment at 6.51%
In McHenry, IL, a $191,200 loan at 6.51% for 30 years is about $1,210 per month for principal and interest. Estimated local property tax adds about $420 per month, so the before-insurance total shown here is roughly $1,630 per month.
$191,200 at 6.51% for 30 years is about $1,210 per month for principal and interest before property tax, homeowners insurance, HOA dues, PMI, points, or lender fees. Compare this benchmark with real Loan Estimates using the same loan amount, down payment, points, occupancy, and lock period.
McHenry mortgage quote checklist
The useful McHenry comparison is the full loan estimate, not only the advertised rate. At the local input of $239,000, this page models a $191,200 loan, $47,800 down payment, about $420 in monthly property tax, and an income target near $69,857 under a 28% housing-cost rule. That is about $11,357 above the local median household income input, so down payment, assistance, seller credits, and debt-to-income are central to the decision.
McHenry loan scenarios: 30-year, 15-year, FHA and 10% down
The same $239,000 home in McHenry, IL can produce very different payments depending on loan type, down payment, and mortgage insurance. Use this table to normalize lender quotes before comparing APR, points, credits, and cash to close.
| Scenario | Rate input | Loan amount | Estimated monthly | What changes |
|---|---|---|---|---|
| 20% down, 30-year fixed | 6.51% | $191,200 | $1,210 P&I | Baseline before tax, insurance, HOA, points, and lender fees. |
| 10% down, 30-year fixed | 6.51% | $215,100 | $1,361 + ~$90 PMI | Preserves cash but raises the balance and can add PMI. |
| FHA 3.5% down | 5.85% | $230,635 | $1,361 + ~$106 MIP | Lower down payment, but FHA mortgage insurance changes the payment. |
| 20% down, 15-year fixed | 5.85% | $191,200 | $1,598 P&I | Higher payment, faster payoff, and lower lifetime interest. |
| 20% down, 20-year fixed | ~6.31% | $191,200 | $1,404 P&I | Middle path between 15-year speed and 30-year cash flow. |
In McHenry, estimated property tax adds about $420 per month before homeowners insurance, HOA dues, flood coverage, condo dues, PMI/MIP, points, and lender-specific fees. Compare full PITI and cash to close, not only the advertised rate.
McHenry is a smaller Illinois community of 26,992 where the housing market reflects local economic conditions. The 30-year fixed benchmark shown here is 6.51% (at the national average). The median home price of $239,000 translates to roughly $1,630/month with 20% down — requiring an income of about $69,857, which exceeds the local median of $58,500.
Whether you call it a 30-year mortgage, 30-year home loan, 30-year house loan, or 30-year mortgage loan, the underlying product is the same: a fixed-rate amortizing loan paid over 360 months. In McHenry, IL, the 30-year benchmark shown is 6.51%. Shorter terms (15-year fixed at 5.85% or 20-year fixed, typically priced between the 15- and 30-year) reduce total interest paid but increase monthly payments — see our 15-year vs 30-year comparison for the math. Government-backed options such as FHA and VA can have different down-payment, insurance, fee, and eligibility rules, so compare actual Loan Estimates before choosing.
Mortgage Rate Benchmarks in McHenry, IL
Below are benchmark rates for the McHenry area as of May 21, 2026. Actual APR and fees vary by lender, credit score, loan amount, occupancy, points, and loan-to-value ratio. Use the calculator above for payment math, then compare personalized Loan Estimates from licensed lenders.
| Loan Type | Rate | National Benchmark | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.51% | 6.51% | 0% |
| 15-Year Fixed | 5.85% | 5.85% | 0% |
| 5/1 ARM | 5.95% | 5.95% | 0% |
| FHA | 5.85% | 5.85% | 0% |
| VA | 5.65% | 5.65% | 0% |
| Jumbo | 6.25% | 6.25% | 0% |
McHenry Housing Market Overview
At $239,000, McHenry offers more affordable housing than most U.S. metros. The local cost of living index is 87.6 (100 = national average), and the median household income of $58,500 still requires careful budgeting at current rate levels.
Monthly Payment Breakdown for McHenry
Based on the median home price of $239,000 with 20% down ($47,800), here is what you can expect to pay monthly in McHenry:
15-Year vs. 30-Year Mortgage in McHenry
Choosing a 15-year mortgage in McHenry at 5.85% instead of a 30-year at 6.51% would save you $147,960 in total interest over the life of the loan. However, your monthly payment would be $1,598 instead of $1,210 — an increase of $388 per month.
Calculate Your McHenry Mortgage Payment
Use our free calculator to get a personalized estimate based on your loan amount, interest rate, and term.
Open Free CalculatorMethodology & Mortgage Data Sources for McHenry
How we calculate McHenry mortgage rates and payments: 30-year and 15-year fixed benchmarks start with Freddie Mac Primary Mortgage Market Survey (PMMS) data. Other product rows are informational benchmarks, not lender quotes. Local variation in McHenry reflects county loan-limit context, state-level closing-cost assumptions, and the payment inputs shown on this page.
- Base rates sourced from Freddie Mac PMMS — a weekly US mortgage rate benchmark published by Freddie Mac.
- Local context for McHenry reflects Illinois housing inputs, FHFA conforming loan limits, FHA county limits where relevant, and regional closing-cost assumptions.
- Monthly payment calculation uses the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1]. Property tax estimates use Illinois effective property tax rate; PMI applies to LTV >80% per Fannie Mae guidelines.
- Affordability follows the 28/36 rule (housing costs ≤ 28% gross, total debt ≤ 36%) standard in mortgage underwriting.
Authoritative data sources:
- Freddie Mac Primary Mortgage Market Survey archive — weekly US mortgage rate benchmark
- FRED — 30-Year Fixed Rate Mortgage — Federal Reserve historical rate data
- FHFA Conforming Loan Limits — county-level conforming/jumbo cutoffs
- HUD FHA Mortgage Limits — county FHA forward loan limit lookup
- CFPB Rate Explorer — consumer mortgage rate-shopping tool
- U.S. Census — McHenry QuickFacts — local population and income estimates
Disclaimer: Rate quotes shown are based on weekly published averages and are for informational use only — they are not loan offers. Your actual rate depends on credit score, loan-to-value, debt-to-income ratio, occupancy, and lender-specific factors. Get personalized quotes from at least 3 licensed lenders before committing. Use the CFPB Rate Explorer to compare offers.
Last updated from Freddie Mac PMMS data on May 21, 2026. Mortgage benchmarks are reviewed against public source data before publication.
First-Time Buyer Assistance & Local Programs in McHenry
Beyond conventional 30-year fixed rates, McHenry buyers may qualify for low-down-payment programs, down-payment assistance (DPA), or tax-credit programs. Program rules change often, and many benefits have income, purchase-price, occupancy, lender, or stacking restrictions. Verify the current rules before assuming eligibility:
- NCSHA state HFA directory — find the official state housing agency
- USA.gov state housing help — state-level housing resources
- Confirm current income, purchase-price, loan-type, and stacking rules with the program administrator
- Get quotes from multiple lenders inside a short rate-shopping window
- Check annualcreditreport.com first (free)
- Lock rate when within 60 days of closing
- FHA MIP vs PMI removal rules differ
Program note: Illinois HFA benefits can be valuable, but the lowest advertised rate is not always the cheapest total loan once points, mortgage insurance, assistance repayment rules, and closing costs are included. Compare full Loan Estimates.
Frequently Asked Questions About Mortgages in McHenry
What are the current mortgage rates in McHenry, IL?
As of May 21, 2026, the 30-year fixed benchmark shown for McHenry, Illinois is 6.51%, while the 15-year fixed benchmark is 5.85%. FHA, VA, ARM, and jumbo rows are informational benchmarks. Your actual APR depends on lender pricing, credit score, points, loan amount, down payment, occupancy, and fees.
How much is a monthly mortgage payment in McHenry?
Based on the median home price of $239,000 with 20% down, the estimated monthly mortgage payment in McHenry is $1,210 for principal and interest. Including estimated property taxes of $420/month, the total monthly housing cost before insurance, HOA, PMI/MIP, and local assessments is approximately $1,630.
What income do I need to buy a home in McHenry?
Using the 28% rule, you would need an annual income of approximately $69,857 to afford the median-priced home in McHenry at $239,000. The median household income in McHenry is $58,500. This means most households would need to either earn above the median or consider homes below $239,000.
Is McHenry a good place to buy a home in 2026?
McHenry offers a below-average cost of living with a cost of living index of 87.6 (national average = 100). The property tax rate in Illinois is 2.11%, which is above the national average. McHenry has a population of 26,992 and offers a very affordable lifestyle.
Mortgage Rates in Other Illinois Cities
Related Tools & Guides
Sources & Methodology
- 30-yr/15-yr fixed rates: Freddie Mac Primary Mortgage Market Survey (PMMS), with payment math updated from the latest published benchmark.
- Median home price: $239,000 based on current housing-market inputs for McHenry; compare against active listings before making an offer.
- Property tax rate: 2.11% effective estimate; buyers should verify local taxing units, exemptions, reassessments, and escrow assumptions with the county, lender, or tax office.
- Median household income: $58,500 per US Census Bureau ACS 5-year estimate.
- Calculations: standard amortization formula M = P[r(1+r)^n] / [(1+r)^n − 1], with r = monthly rate, n = 360 months, P = loan amount (80% of home price).
Last updated: May 21, 2026. Rates are informational benchmarks for the McHenry, Illinois area. Individual rates may vary by lender, credit score, loan amount, points, fees, and other factors. Use our free calculator for payment estimates, then compare lender Loan Estimates.