Mortgage Calculator & Closing Costs: South Bend, IN
Mortgage payment estimates, closing cost breakdowns, and homebuying data for South Bend, Indiana.
Median Home Price
$155K
Population
103K
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 South Bend.
South Bend vs Indiana Median
The median home price in South Bend is $155,000, which is 35% below the Indiana state median of $240,000.
Mortgage Calculator — South Bend, IN
Pre-filled with South Bend median home price and Indiana tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $155K home using Indiana's 0.84% tax rate and $1,700/yr insurance.
5% Down
$1,267/mo
Down: $7,750
Loan: $147K
P&I: $931
Tax: $109
Insurance: $142
PMI: $86
10% Down
$1,213/mo
Down: $15,500
Loan: $140K
P&I: $882
Tax: $109
Insurance: $142
PMI: $81
20% Down (No PMI)
$1,034/mo
Down: $31,000
Loan: $124K
P&I: $784
Tax: $109
Insurance: $142
Income needed (28% rule): $44K/year with 20% down, $52K/year with 10% down.
Rent vs Buy in South Bend
Rent
$880/mo
vs
Buy (10% down)
$1,213/mo
Price-to-rent ratio: 14.7 — With a ratio under 15, buying in South Bend is likely more cost-effective than renting if you plan to stay 3+ years. The monthly cost of buying is $333 more than renting, but you build equity with every payment.
The median home price in South Bend is $155,000, 35% below the Indiana state median of $240,000. With a population of 103,453, South Bend 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 $155,000 home in South Bend would carry roughly $109/month in property taxes. Homeowners insurance in Indiana runs approximately $1,700 per year. This is within the normal range nationally.
Average rent in South Bend is $880/month. With a price-to-rent ratio under 15, buying may be more cost-effective than renting in South Bend over the long term.
South Bend 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 South Bend.