Mortgage Calculator & Closing Costs: Evansville, IN
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Evansville, Indiana.
Median Home Price
$165K
Population
117K
Avg Monthly Rent
$880
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 Evansville.
Evansville vs Indiana Median
The median home price in Evansville is $165,000, which is 31% below the Indiana state median of $240,000.
Mortgage Calculator — Evansville, IN
Pre-filled with Evansville median home price and Indiana tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $165K home using Indiana's 0.84% tax rate and $1,700/yr insurance.
5% Down
$1,339/mo
Down: $8,250
Loan: $157K
P&I: $991
Tax: $116
Insurance: $142
PMI: $91
10% Down
$1,282/mo
Down: $16,500
Loan: $149K
P&I: $939
Tax: $116
Insurance: $142
PMI: $87
20% Down (No PMI)
$1,091/mo
Down: $33,000
Loan: $132K
P&I: $834
Tax: $116
Insurance: $142
Income needed (28% rule): $47K/year with 20% down, $55K/year with 10% down.
Rent vs Buy in Evansville
Rent
$880/mo
vs
Buy (10% down)
$1,282/mo
Price-to-rent ratio: 15.6 — A ratio between 15-20 means the rent vs buy decision in Evansville 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 Evansville is $165,000, 31% below the Indiana state median of $240,000. With a population of 117,298, Evansville is a mid-size city where home prices tend to be more accessible than in many parts of Indiana.
Property taxes in Indiana average 0.84% annually. This moderate property tax rate means a $165,000 home in Evansville would carry roughly $116/month in property taxes. Homeowners insurance in Indiana runs approximately $1,700 per year. This is within the normal range nationally.
Average rent in Evansville is $880/month. The price-to-rent ratio in Evansville is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Evansville offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Indiana's IHCDA Next Home program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Evansville.