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Indiana mortgage calculator

The median home in Indiana runs about $230,000. With 20% down that's a loan near $184,000 — the calculator is pre-filled with that figure. Indiana caps property tax at 1% of a homestead's assessed value under its constitutional circuit breaker, and combined with low home prices that keeps ownership costs among the most affordable in the Midwest.

$1,194.64 / month

Total interest
$246,075
Total paid
$430,075
Payoff
30.0 years
Balance over YearBalance ends near $0 at 30.$0$46k$92k$138k$184k0612182430Year

How it works

A full Indiana payment is more than principal and interest. At the state's 0.84% effective property tax rate, a $230,000 home owes about $1,932 a year in tax, and homeowners insurance averages roughly $1,600 a year here. Together those add about $294 to the monthly payment before any HOA dues or PMI.

Indiana's median household income is about $70,000, or $5,833 a month. Lenders generally want the full housing payment under about 28% of that — roughly $1,633 — which is why a median-priced home is comfortable in some metros and a stretch in others. Homes in Indiana sell in about 40 days on average.

Frequently asked questions

What is a typical mortgage payment in Indiana?
On the state's roughly $230,000 median home with 20% down, the loan is about $184,000. Principal and interest depend on your rate; on top of that, Indiana's 0.84% effective property tax rate and about $1,600 a year in homeowners insurance add roughly $294 per month to the payment.
How much are property taxes on a home in Indiana?
Indiana's effective property tax rate averages about 0.84% of market value — roughly $1,932 a year on the $230,000 median home. Your county sets the actual rate and may assess below market value.
Is homeowners insurance expensive in Indiana?
The average Indiana homeowners policy runs about $1,600 a year. Indiana caps property tax at 1% of a homestead's assessed value under its constitutional circuit breaker, and combined with low home prices that keeps ownership costs among the most affordable in the Midwest.
Can I afford a home in Indiana on the median income?
Indiana's median household income is about $70,000 a year, or $5,833 a month. Lenders generally want the full housing payment under about 28% of that — roughly $1,633 — so a median-priced home is a stretch in the pricier metros.
How fast do homes sell in Indiana?
A for-sale home in Indiana spends about 40 days on the market on average, though this varies widely by metro and season.

Learn more: Understanding your mortgage payment

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