Ohio Mortgage Calculator
Estimate your monthly mortgage payment in Ohio based on the state median home price of $215K, a 1.56% property tax rate, and $1K/year homeowners insurance.
Why This Matters in Ohio
In Ohio, property taxes average 1.56% of assessed value. On the state median home of $215K, that adds $280/month to your mortgage payment — well above the national average and a significant budget factor. Combined with $117/month for homeowners insurance, your non-mortgage housing costs in Ohio total $397/month before you even account for principal and interest.
Ohio's median home price of $215K makes it one of the more affordable states to buy in. At this price point, FHA loans with 3.5% down require just $7,525 for a down payment.
What to Expect for a Mortgage Payment in Ohio
On the median Ohio home priced at $215K, a buyer putting 10% down at a 6.5% rate would face a principal-and-interest payment of roughly $1,223 per month. Add $280/mo in property taxes and $117/mo for homeowners insurance, and the total PITI comes to approximately $1,619 each month. That median price sits about 39% below the national median of roughly $350K, which directly shapes how much house most Ohio borrowers can realistically target.
Ohio's comparatively affordable housing market gives buyers a meaningful advantage. At a $215K 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 $11K. The lower price point also means private mortgage insurance (PMI) costs less in absolute terms, keeping the total monthly payment manageable.
One important factor in Ohio: the 1.56% property tax rate adds $3,354 per year ($280/mo) to your housing cost. That is a significant share of the total payment and something many first-time buyers underestimate. When comparing Ohio to lower-tax states, remember that the sticker price only tells half the story — ongoing tax costs can add hundreds to the monthly obligation.
Homeowners insurance in Ohio averages around $1K per year, which adds $117 to the monthly PITI. This is manageable relative to many other states. To bring the total payment down further, consider the OHFA Your Choice! Down Payment Assistance program, which offers 2.5% or 5% of purchase price for qualifying buyers — reducing the down payment barrier and potentially lowering your loan amount.