Loan Officer Salary in Chicago, IL
Loan Officers in the Chicago-Naperville-Elgin, IL-IN metro area earn a median $80,040 a year — 4% more than the national median. After 2026 taxes, that is $61,321 take-home, or $5,110 a month.
Take-home pay calculator
Pre-filled with the median loan officer salary in Chicago, IL. Enter your own offer to see your paycheck.
- Federal income tax$8,779
- Social Security (6.2%)$4,962
- Medicare (1.45%)$1,161
- Illinois income tax$3,817
- Take-home pay$61,321
Marginal rate: 22% federal + 4.95% state
The Chicago-Naperville-Elgin, IL-IN metro spans Illinois, Indiana. Pick the state you live in — state income tax follows your residence.
Loan Officer pay by experience in Chicago, IL
| Percentile | Salary | Hourly | Take-home / yr | Per month |
|---|---|---|---|---|
| 10th percentile (entry level) | $40,710 | $19.57 | $33,020 | $2,752 |
| 25th percentile | $60,430 | $29.05 | $47,889 | $3,991 |
| Median (50th) | $80,040 | $38.48 | $61,321 | $5,110 |
| 75th percentile | $105,210 | $50.58 | $77,782 | $6,482 |
| 90th percentile (top earners) | $143,160 | $68.83 | $102,174 | $8,515 |
Wages: BLS Occupational Employment and Wage Statistics, May 2025. Take-home: single filer, Illinois resident, 2026 tax rules.
What $80,040 buys in Chicago, IL
Prices in Chicago, IL are 3.6% higher than the U.S. average (housing costs are 1.12× the national average). Adjusted for local prices, a median loan officer's $61,321 take-home pay has the buying power of $59,193 in a typical American city.
Rents: HUD Fair Market Rents, FY2026 (40th-percentile gross rent incl. utilities). Price levels: BEA Regional Price Parities, 2024.
Loan Officer jobs are about as common in Chicago, IL as in the U.S. overall (location quotient 0.93).
Best-paying cities for loan officers, adjusted for cost of living
Chicago, IL ranks #40 of 86 metro areas once taxes and local prices are taken into account.
| # | Metro area | Median salary | Take-home | Real value* |
|---|---|---|---|---|
| 1 | Des Moines, IA | $101,190 | $76,824 | $83,776 |
| 2 | Wichita, KS | $99,170 | $73,862 | $83,042 |
| 3 | Sioux Falls, SD | $81,380 | $66,081 | $72,912 |
| 4 | Bridgeport, CT | $103,850 | $77,752 | $72,758 |
| 5 | Minneapolis, MN | $102,200 | $75,301 | $71,837 |
| 6 | Denver, CO | $100,130 | $75,574 | $71,443 |
| 7 | Fayetteville, AR | $84,200 | $64,994 | $71,146 |
| 8 | Columbia, MO | $81,850 | $63,502 | $71,001 |
| 40 | Chicago, IL | $80,040 | $61,321 | $59,193 |
*Take-home pay divided by the BEA price level, so every city is measured in U.S.-average dollars. See all 86 metros →
Frequently asked questions
How much does a loan officer make in Chicago, IL?
The median loan officer salary in the Chicago-Naperville-Elgin, IL-IN metro area is $80,040 a year, or about $38.48 an hour, according to the Bureau of Labor Statistics (May 2025). The middle half earn between $60,430 and $105,210.
What is a loan officer’s take-home pay in Chicago, IL?
On the median $80,040 salary, a single filer living in Illinois takes home about $61,321 a year ($5,110 a month) after federal tax, Social Security, Medicare and $3,817 in Illinois taxes in 2026.
Is Chicago, IL a good place to work as a loan officer?
Pay here is 4% above the national median of $76,690. Local prices are 3.6% above the U.S. average, so the take-home pay buys what $59,193 would in a typical U.S. city. Chicago, IL ranks #40 of 86 metro areas for cost-of-living-adjusted pay in this job.
Can a loan officer afford rent in Chicago, IL?
HUD’s fair market rent for a one-bedroom in Chicago, IL is $1,534 a month ($1,743 for two bedrooms) — 30% of a median loan officer’s monthly take-home pay. Financial planners usually suggest keeping rent under about 30%.
Related jobs in Chicago, IL
- Personal Financial Advisor — $113,210
- Financial Risk Specialist — $105,370
- Project Management Specialist — $105,320
- Management Analyst — $105,090
- Labor Relations Specialist — $103,570
- Financial and Investment Analyst — $101,750
- Insurance Underwriter — $99,840
- Financial Examiner — $98,470
- Tax Examiners and Collectors, and Revenue Agents — $93,590
- Credit Analyst — $92,900
- Cost Estimator — $83,640
- Accountant and Auditor — $82,360