Mortgage Calculator & Closing Costs: Indianapolis, IN
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Indianapolis, Indiana.
Median Home Price
$255K
Population
888K
Avg Monthly Rent
$1,220
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 Indianapolis.
Indianapolis vs Indiana Median
The median home price in Indianapolis is $255,000, which is 6% above the Indiana state median of $240,000.
Mortgage Calculator — Indianapolis, IN
Pre-filled with Indianapolis median home price and Indiana tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $255K home using Indiana's 0.84% tax rate and $1,700/yr insurance.
5% Down
$1,993/mo
Down: $12,750
Loan: $242K
P&I: $1,531
Tax: $179
Insurance: $142
PMI: $141
10% Down
$1,905/mo
Down: $25,500
Loan: $230K
P&I: $1,451
Tax: $179
Insurance: $142
PMI: $134
20% Down (No PMI)
$1,610/mo
Down: $51,000
Loan: $204K
P&I: $1,289
Tax: $179
Insurance: $142
Income needed (28% rule): $69K/year with 20% down, $82K/year with 10% down.
Rent vs Buy in Indianapolis
Rent
$1,220/mo
vs
Buy (10% down)
$1,905/mo
Price-to-rent ratio: 17.4 — A ratio between 15-20 means the rent vs buy decision in Indianapolis 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 Indianapolis is $255,000, 6% above the Indiana state median of $240,000. With a population of 887,642, Indianapolis is a major metro area 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 $255,000 home in Indianapolis would carry roughly $179/month in property taxes. Homeowners insurance in Indiana runs approximately $1,700 per year. This is within the normal range nationally.
Average rent in Indianapolis is $1,220/month. The price-to-rent ratio in Indianapolis is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Indianapolis presents moderate affordability. The $255K 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 Indianapolis.