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Ohio mortgage calculator

The median home in Ohio runs about $230,000. With 20% down that's a loan near $184,000 — the calculator is pre-filled with that figure. Ohio's low home prices are partly offset by an above-average effective property tax rate that varies sharply between school districts. Insurance is inexpensive and homes sell quickly.

$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 Ohio payment is more than principal and interest. At the state's 1.53% effective property tax rate, a $230,000 home owes about $3,519 a year in tax, and homeowners insurance averages roughly $1,400 a year here. Together those add about $410 to the monthly payment before any HOA dues or PMI.

Ohio's median household income is about $69,000, or $5,750 a month. Lenders generally want the full housing payment under about 28% of that — roughly $1,610 — which is why a median-priced home is comfortable in some metros and a stretch in others. Homes in Ohio sell in about 30 days on average.

Frequently asked questions

What is a typical mortgage payment in Ohio?
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, Ohio's 1.53% effective property tax rate and about $1,400 a year in homeowners insurance add roughly $410 per month to the payment.
How much are property taxes on a home in Ohio?
Ohio's effective property tax rate averages about 1.53% of market value — roughly $3,519 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 Ohio?
The average Ohio homeowners policy runs about $1,400 a year. Ohio's low home prices are partly offset by an above-average effective property tax rate that varies sharply between school districts. Insurance is inexpensive and homes sell quickly.
Can I afford a home in Ohio on the median income?
Ohio's median household income is about $69,000 a year, or $5,750 a month. Lenders generally want the full housing payment under about 28% of that — roughly $1,610 — so a median-priced home is a stretch in the pricier metros.
How fast do homes sell in Ohio?
A for-sale home in Ohio spends about 30 days on the market on average, though this varies widely by metro and season.

Learn more: Understanding your mortgage payment

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