Worked example: Closing Cost in Illinois

Example inputs

This worked example shows how DocketMath calculates a closing cost value in Illinois (US-IL) using jurisdiction-aware rules and a general/default statute of limitations (SOL) period.

Jurisdiction rule used (Illinois):

• General SOL period: 5 years
• Statute: 720 ILCS 5/3-6
• Source: https://ilga.gov/ftp/Public%20Acts/101/101-0130.htm?utm_source=openai

Clear assumption up front (per your jurisdiction data):
No claim-type-specific sub-rule was found for this example, so this worksheet uses the general/default 5-year SOL under 720 ILCS 5/3-6. In other words, the example will not switch to a different SOL based on claim type.

Scenario (numbers you can plug in)

We’ll model a practical “closing cost” worksheet that includes:

1. an SOL horizon (to set a maximum date window), and
2. a time-based cost accrual component.

Because DocketMath’s closing-cost calculator is jurisdiction-aware, the key jurisdiction input in this example is the SOL length (5 years). Everything else below is illustrative—meant to demonstrate how changing inputs affects outputs.

Below are example inputs for the calculator:

• Jurisdiction: US-IL
• SOL length (years): 5
• Start date (assumed for illustration): 2026-01-15
• End date (derived from SOL length): 2031-01-15
• Annual cost rate (illustrative): $480.00 per year
• Number of months of cost accrual within the SOL window: 36 months
• Monthly cost rate (derived): $40.00 per month ($480 / 12)

Why these inputs matter

In a time-based closing-cost workflow, time horizon and duration tend to be the biggest drivers. Here, the 5-year SOL acts as a guardrail: it informs the maximum window your analysis would consider.

Then, the 36-month accrual duration determines how much of the time-based cost you actually count in the worksheet.

Example run

Now let’s run the numbers using the same Illinois SOL horizon (5 years) and the stated monthly cost accrual.

Run the Closing Cost calculator using the example inputs above. Review the breakdown for intermediate steps (segments, adjustments, or rate changes) so you can see how each input moves the output. Save the result for reference and compare it to your actual scenario.

Step 1: Compute the SOL window (jurisdiction-aware)

• SOL: 5 years (Illinois general/default)
• Start date: 2026-01-15
• End date: 2031-01-15

DocketMath uses 720 ILCS 5/3-6 as the general/default basis in this example because no claim-type-specific rule was identified.

Step 2: Compute cost accrued over the selected time span

You provided:

• Monthly cost rate: $40.00
• Accrual duration: 36 months

Accrued closing cost (time-based):

• $40.00/month × 36 months = $1,440.00

Step 3: Produce the output

The DocketMath closing-cost calculator output for this illustrative run is:

Common interpretation

• If your workflow uses the SOL window to cap or inform the measurement period, then the accrual duration (36 months here) is the lever that changes the dollar output.
• The SOL acts as the guardrail: it tells you the maximum horizon implied by Illinois’s general/default 5-year SOL (per 720 ILCS 5/3-6, as applied here).

Quick jurisdiction check

The jurisdiction-aware part is that the calculator should apply the Illinois general SOL of 5 years under 720 ILCS 5/3-6, rather than another horizon (e.g., 3 or 6 years). That’s why the jurisdiction code (US-IL) matters in DocketMath.

If you want quick access to the same calculator flow, start here:
/tools/closing-cost

Sensitivity check

This section shows how results change when you tweak inputs that affect closing cost—especially the time variables and the Illinois SOL horizon (general/default).

To test sensitivity, change one high-impact input (like the rate, start date, or cap) and rerun the calculation. Compare the outputs side by side so you can see how small input shifts affect the result.

Sensitivity variable #1: Accrual duration (months)

Keep monthly cost rate constant at $40/month, and change accrual duration:

Observation: With a fixed monthly rate, doubling months roughly doubles the closing-cost amount.

Sensitivity variable #2: Monthly cost rate

Keep accrual duration fixed at 36 months, and change the monthly rate:

Observation: In a linear time-based model, total cost changes proportionally with the monthly rate.

Sensitivity variable #3: SOL horizon (Illinois, general/default)

In this worked example, the SOL horizon is 5 years because:

• 720 ILCS 5/3-6 provides the general/default 5-year SOL, and
• no claim-type-specific sub-rule was found for this example, so we do not switch to a different SOL.

If an organization later identifies a claim type that triggers a different SOL, the time horizon in the worksheet would shift, which could change:

• the maximum allowable accrual window, and
• any derived end dates used in the report.

Sanity check against the SOL window

Because the Illinois general/default SOL is 5 years, a 36-month accrual is within that window.

• 5 years = 60 months
• Accrual duration used = 36 months
• Margin remaining (illustrative) = 60 − 36 = 24 months

That’s the practical reason the model stays consistent: your cost accrual period does not exceed the jurisdictional SOL horizon used in the worksheet.

Practical next step in DocketMath

To see what matters most for your scenario, adjust one variable at a time (months, monthly rate, or dates). This keeps differences in output easy to explain in a closing-cost memo.

For quick tool access, start here:
/tools/closing-cost

Related reading

• Average closing costs in Alabama — Rule summary with authoritative citations
• Average closing costs in Alaska — Rule summary with authoritative citations
• Average closing costs in Arizona — Rule summary with authoritative citations