Mortgage Calculator & Closing Costs: Frankfort, KY
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Frankfort, Kentucky.
Median Home Price
$195K
Population
29K
Avg Monthly Rent
$920
Property Tax Rate
0.83% *
* Property tax shown is the Kentucky state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Frankfort.
Frankfort vs Kentucky Median
The median home price in Frankfort is $195,000, which is 7% below the Kentucky state median of $210,000.
Mortgage Calculator — Frankfort, KY
Pre-filled with Frankfort median home price and Kentucky tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $195K home using Kentucky's 0.83% tax rate and $2,400/yr insurance.
5% Down
$1,614/mo
Down: $9,750
Loan: $185K
P&I: $1,171
Tax: $135
Insurance: $200
PMI: $108
10% Down
$1,547/mo
Down: $19,500
Loan: $176K
P&I: $1,109
Tax: $135
Insurance: $200
PMI: $102
20% Down (No PMI)
$1,321/mo
Down: $39,000
Loan: $156K
P&I: $986
Tax: $135
Insurance: $200
Income needed (28% rule): $57K/year with 20% down, $66K/year with 10% down.
Rent vs Buy in Frankfort
Rent
$920/mo
vs
Buy (10% down)
$1,547/mo
Price-to-rent ratio: 17.7 — A ratio between 15-20 means the rent vs buy decision in Frankfort 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 Frankfort is $195,000, 7% below the Kentucky state median of $210,000. With a population of 28,602, Frankfort is a smaller market where home prices tend to be more accessible than in many parts of Kentucky.
Property taxes in Kentucky average 0.83% annually. This moderate property tax rate means a $195,000 home in Frankfort would carry roughly $135/month in property taxes. Homeowners insurance in Kentucky runs approximately $2,400 per year. This is within the normal range nationally.
Average rent in Frankfort is $920/month. The price-to-rent ratio in Frankfort is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Frankfort offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Kentucky's KHC Regular DAP program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Frankfort.