Indiana Mortgage Calculator
The median home price in Indiana is $240,000. With a 20% down payment at the state's average 30-year fixed rate of 7.1%, your estimated all-in monthly payment (principal, interest, taxes, and insurance) is approximately $1,560. Indiana's property tax rate of 0.85% annually is below the U.S. national average of 1.07%.
A buyer earning Indiana's median household income of $63,000 would dedicate roughly 30% of gross monthly income to housing — moderately stretched by the standard 28% guideline.
Median Home Price
$240,000
Avg 30-yr Rate
7.1%
Property Tax Rate
0.85%/yr
Est. Monthly PITI
$1,560
Mortgage Calculator
Total Monthly Payment
$1,560.30
Loan Amount
$192,000
Total Paid
$464,508
Total Interest
$272,508
How to Get a Mortgage in Indiana
- 1 Check your credit score. In Indiana, most conventional lenders require 620+; FHA allows 580+ with 3.5% down.
- 2 Save for your down payment. On a $240,000 Indiana home, 20% down is $48,000 — avoiding PMI and reducing your monthly payment.
- 3 Get pre-approved from 2–3 lenders. Rates in Indiana average 7.1%, but shopping lenders often saves 0.25–0.5%.
- 4 Account for closing costs — typically 2–5% of the loan amount, or $5,760–$9,600 on a median Indiana purchase.
- 5 Budget for ongoing costs: Indiana property taxes average 0.85%/yr ($2,040/yr on the median home), plus homeowner's insurance averaging $1.200/yr.
Monthly Cost Breakdown — Median Indiana Home
Excludes HOA fees, PMI (not required with 20% down), and utilities.
Indiana Mortgage FAQs
What is the average home price in Indiana?
The median home price in Indiana is $240,000 (2024 estimate). With a typical 20% down payment of $48,000, a buyer would finance $192,000 at a 30-year fixed rate.
What are property taxes like in Indiana?
Indiana has an average effective property tax rate of 0.85% of assessed home value. On a $240,000 home, that's approximately $2,040 per year ($170/month) — below the national average of 1.07%.
How much income do I need to buy a home in Indiana?
To keep housing costs at or below the recommended 28% of gross monthly income on a median-priced Indiana home, you'd need to earn roughly $66,870 per year. The state's median household income is $63,000, meaning the typical household allocates about 30% of gross income to housing — moderately stretched.
What is the average mortgage rate in Indiana?
The average 30-year fixed mortgage rate in Indiana is approximately 7.1% (2024 average). Rates vary by lender, credit score, loan-to-value ratio, and loan type. Borrowers with credit scores above 740 typically qualify for the best available rates.
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