Mortgage Calculator & Closing Costs: Independence, MO
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Independence, Missouri.
Median Home Price
$195K
Population
123K
Avg Monthly Rent
$1,020
Property Tax Rate
0.97% *
* Property tax shown is the Missouri state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Independence.
Independence vs Missouri Median
The median home price in Independence is $195,000, which is 17% below the Missouri state median of $235,000.
Mortgage Calculator — Independence, MO
Pre-filled with Independence median home price and Missouri tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $195K home using Missouri's 0.97% tax rate and $2,200/yr insurance.
5% Down
$1,620/mo
Down: $9,750
Loan: $185K
P&I: $1,171
Tax: $158
Insurance: $183
PMI: $108
10% Down
$1,553/mo
Down: $19,500
Loan: $176K
P&I: $1,109
Tax: $158
Insurance: $183
PMI: $102
20% Down (No PMI)
$1,327/mo
Down: $39,000
Loan: $156K
P&I: $986
Tax: $158
Insurance: $183
Income needed (28% rule): $57K/year with 20% down, $67K/year with 10% down.
Rent vs Buy in Independence
Rent
$1,020/mo
vs
Buy (10% down)
$1,553/mo
Price-to-rent ratio: 15.9 — A ratio between 15-20 means the rent vs buy decision in Independence 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 Independence is $195,000, 17% below the Missouri state median of $235,000. With a population of 123,011, Independence is a mid-size city where home prices tend to be more accessible than in many parts of Missouri.
Property taxes in Missouri average 0.97% annually. This moderate property tax rate means a $195,000 home in Independence would carry roughly $158/month in property taxes. Homeowners insurance in Missouri runs approximately $2,200 per year. This is within the normal range nationally.
Average rent in Independence is $1,020/month. The price-to-rent ratio in Independence is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Independence offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Missouri's MHDC First Place Loan program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Independence.