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Cash-Out Refinance Rates in Illinois

See current cash-out refinance rates in IL, estimate how much cash you could take out of your home, and compare a cash-out refinance with a HELOC or home equity loan.

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Current Illinois Cash-Out Refinance Rates

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Rates as of November 3, 2026 · Typical Illinois home price: $260,300 · Avg Illinois property tax: 2.24% · Avg annual home insurance: $3,442

Cash-out refinances in Illinois: Lower’s 30-year fixed cash-out rate today is 7.375% (7.759% APR) with 2.273 discount points, quoted at 70% of your home’s value. On a typical Illinois home worth $260,300, that’s a new loan of about $182,210. These figures use a typical Illinois home price: the average of the median prices in its largest cities (details at the bottom of the page). What you could borrow and pay depends on your own home’s value, what you owe and your credit.

How much equity have Illinois homeowners gained?

+5.6%Illinois home prices, past year
+44.0%Illinois home prices, past 5 years
$79,500Est. equity from price growth over 5 years on a $260,300 home

Illinois home prices rose 44.0% over the five years through the second quarter of 2026 and rose 5.6% over the past year, according to the Federal Housing Finance Agency’s House Price Index. That ranks Illinois 4th among the 50 states and Washington, DC for price growth over the past year. If a home worth Illinois’s typical home price of $260,300 kept pace with the index, it was worth about $180,800 five years ago. That’s about $79,500 in equity from price growth alone, before counting any mortgage payments.

A cash-out refinance is based on your home’s current appraised value, so price growth can increase how much cash you may be able to take out. It’s a statewide index, so prices in your area, and your home’s value, may have changed more or less.

How much cash could you take out in Illinois?

A cash-out refinance replaces your mortgage with a larger loan, and you get the difference in cash. Here’s how that works out on a typical Illinois home worth $260,300, depending on what you still owe.

Estimated cash before closing costs on a $260,300 home with a new loan at 70% of its value, by how much you still owe on your mortgage (shown as a share of the home’s value).

If you still oweCash with a new loan of $182,210 (70% of value)
20% of value ($52,000)$130,210
30% of value ($78,000)$104,210
40% of value ($104,000)$78,210
50% of value ($130,000)$52,210

With a new loan of $182,210 at 7.375% (7.759% APR), your estimated monthly housing cost would be about $2,031: $1,258 principal and interest, $486 property taxes and $287 homeowners insurance.

Try your own numbers

New loan at 70% of value: $182,210

Estimated cash before closing costs: $78,210

Estimated monthly principal and interest at 7.375% (7.759% APR): $1,258

Estimated property taxes and insurance (local Illinois estimates): $773

Estimated total monthly housing cost: $2,031

How we got these numbers: The home value is the typical Illinois home price (sources below). The new loan is 70% of that value, the loan-to-value Lower’s cash-out rate is quoted on. Monthly costs add local Illinois property taxes of about 2.24% of value a year and homeowners insurance of about $3,442 a year. Borrowing more, up to the 80% limit that generally applies to a one-unit primary home, may mean a higher rate. Each estimate is the new loan amount minus what you owe, before closing costs and any discount points. A “—” means the new loan wouldn’t cover what you owe. These are examples, not an offer: your actual amount depends on your appraisal, your credit, your debt-to-income ratio and the property. See how much you can cash out on a refinance.

Cash-out refinance estimates in Illinois’s largest cities

Home prices, property taxes and insurance vary from city to city across Illinois. Here’s a cash-out refinance at 70% of value on a median-priced home in Illinois’s 6 largest cities, using Movoto market trends data for September 2026.

Estimates for a median-priced home in each city, with a new loan at 70% of its value.

CityMedian home priceNew loan at 70%Principal and interestTaxes and insuranceTotal per month
Chicago$365,000$255,500$1,764$941$2,705
Rockford†$205,000$143,500$991$670$1,661
Elgin$374,900$262,430$1,812$1,010$2,822
Springfield$189,900$132,930$918$611$1,529
Peoria$146,250$102,375$707$571$1,278
Champaign†$281,000$196,700$1,358$812$2,170

How we got these numbers: Median prices are from Movoto market trends data for September 2026. The new loan is 70% of the city’s median price, the loan-to-value Lower’s cash-out rate is quoted on. Principal and interest is at 7.375% (7.759% APR) over 30 years. Taxes and insurance use each city’s property tax rate and homeowners insurance estimate. † Uses the Illinois average where a city tax or insurance figure isn’t available. The cash you’d get is the new loan minus what you still owe, before closing costs.

Illinois cash-out refinance payment examples

Estimated monthly principal and interest on a 30-year fixed cash-out refinance at today’s Illinois rate of 7.375% (7.759% APR), by new loan amount.

Monthly principal and interest by new loan amount, at 7.375% (7.759% APR), rates as of November 3, 2026.

New loan amount30-year fixed at 7.375% (7.759% APR)
$200,000$1,381
$300,000$2,072
$400,000$2,762
$500,000$3,453

Payments don’t include property taxes, insurance or mortgage insurance. The quoted rate assumes 2.273 discount points, or about $6,819 on a $300,000 loan, paid at closing. A cash-out refinance applies the new rate to your whole balance, not just the cash you take out, so compare it with your current rate. See whether a cash-out refinance is a good idea.

Cash-out refinance basics

A cash-out refinance replaces your current mortgage with a larger loan, and you get the difference in cash at closing. The new rate applies to your whole balance and closing costs apply, so if your current rate is lower than today’s, a HELOC or home equity loan may cost less.

Learn more: how a cash-out refinance works · HELOC vs. cash-out refinance · cash-out refinance vs. home equity loan · Illinois HELOC rates · cash-out refinance rates in every state.

Frequently Asked Questions

Can I get a cash-out refinance in Illinois?

Yes. Lower offers cash-out refinances in Illinois. How much cash you can take out depends on your home’s value, what you owe and your credit.

What are cash-out refinance rates in Illinois today?

Lower’s 30-year Illinois cash-out refinance rate as of November 3, 2026 is 7.375% (7.759% APR) with 2.273 discount points, based on a $300,000 loan at 70% of the home’s value. Your rate depends on your credit, how much of your home’s value you borrow and the property.

How much cash can I take out with a cash-out refinance in Illinois?

Conventional cash-out refinances on a one-unit primary home generally top out at 80% of the home’s value. For example, on a $260,300 home where you owe $104,000, a new loan at 70% of the value ($182,210) would leave about $78,210 before closing costs. Lower’s quoted rate assumes a loan at 70% of value; borrowing more may mean a higher rate. Your actual amount depends on your appraisal, credit and debt-to-income ratio.

Sources: home values from Movoto market trends data for September 2026; the typical Illinois home price of $260,300 is the average of the median sale prices in Illinois’s 6 largest cities, rounded to the nearest $100: Chicago ($365,000), Rockford ($205,000), Elgin ($374,900), Springfield ($189,900), Peoria ($146,250) and Champaign ($281,000). Largest cities are by Census Bureau population estimates among cities with enough Movoto sales data; where a state has too few, the busiest markets by homes sold fill in. Property tax estimates use local effective tax rates and homeowners insurance estimates are average annual premiums, averaged across those cities; your quote will vary. Home price growth: FHFA House Price Index (purchase-only, seasonally adjusted), the second quarter of 2026. Rates: Lower, as of November 3, 2026. Examples only; not an offer of credit. Lower, LLC, NMLS #1124061.

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