Indiana Mortgage Calculator
Estimate your monthly mortgage payment in Indiana based on the state median home price of $240K, a 0.84% property tax rate, and $2K/year homeowners insurance.
Why This Matters in Indiana
In Indiana, property taxes average 0.84% of assessed value. On the state median home of $240K, that adds $168/month to your mortgage payment — close to the national average. Combined with $142/month for homeowners insurance, your non-mortgage housing costs in Indiana total $310/month before you even account for principal and interest.
Indiana's median home price of $240K makes it one of the more affordable states to buy in. At this price point, FHA loans with 3.5% down require just $8,400 for a down payment.
What to Expect for a Mortgage Payment in Indiana
On the median Indiana home priced at $240K, a buyer putting 10% down at a 6.5% rate would face a principal-and-interest payment of roughly $1,365 per month. Add $168/mo in property taxes and $142/mo for homeowners insurance, and the total PITI comes to approximately $1,675 each month. That median price sits about 31% below the national median of roughly $350K, which directly shapes how much house most Indiana borrowers can realistically target.
Indiana's comparatively affordable housing market gives buyers a meaningful advantage. At a $240K median, FHA loans with just 3.5% down require only $8K upfront — well within reach for many first-time buyers. Even conventional loans at 5% down need just $12K. The lower price point also means private mortgage insurance (PMI) costs less in absolute terms, keeping the total monthly payment manageable.
Homeowners insurance in Indiana averages around $2K per year, which adds $142 to the monthly PITI. This is manageable relative to many other states. To bring the total payment down further, consider the IHCDA Next Home program, which offers up to 6% dpa for qualifying buyers — reducing the down payment barrier and potentially lowering your loan amount.