Mortgage Calculator & Closing Costs: Bloomington, IN
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Bloomington, Indiana.
Median Home Price
$265K
Population
79K
Avg Monthly Rent
$1,150
Property Tax Rate
0.84% *
* Property tax shown is the Indiana state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Bloomington.
Bloomington vs Indiana Median
The median home price in Bloomington is $265,000, which is 10% above the Indiana state median of $240,000.
Mortgage Calculator — Bloomington, IN
Pre-filled with Bloomington median home price and Indiana tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $265K home using Indiana's 0.84% tax rate and $1,700/yr insurance.
5% Down
$2,065/mo
Down: $13,250
Loan: $252K
P&I: $1,591
Tax: $186
Insurance: $142
PMI: $147
10% Down
$1,974/mo
Down: $26,500
Loan: $239K
P&I: $1,507
Tax: $186
Insurance: $142
PMI: $139
20% Down (No PMI)
$1,667/mo
Down: $53,000
Loan: $212K
P&I: $1,340
Tax: $186
Insurance: $142
Income needed (28% rule): $71K/year with 20% down, $85K/year with 10% down.
Rent vs Buy in Bloomington
Rent
$1,150/mo
vs
Buy (10% down)
$1,974/mo
Price-to-rent ratio: 19.2 — A ratio between 15-20 means the rent vs buy decision in Bloomington depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Bloomington is $265,000, 10% above the Indiana state median of $240,000. With a population of 79,168, Bloomington is a smaller market where home prices reflect strong demand and local economic factors.
Property taxes in Indiana average 0.84% annually. This moderate property tax rate means a $265,000 home in Bloomington would carry roughly $186/month in property taxes. Homeowners insurance in Indiana runs approximately $1,700 per year. This is within the normal range nationally.
Average rent in Bloomington is $1,150/month. The price-to-rent ratio in Bloomington is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Bloomington presents moderate affordability. The $265K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Bloomington.