Ohio Mortgage Calculator
The median home price in Ohio is $225,000. 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 $1,608. Ohio's property tax rate of 1.59% annually is above the U.S. national average of 1.07%.
A buyer earning Ohio's median household income of $64,000 would dedicate roughly 30% of gross monthly income to housing — moderately stretched by the standard 28% guideline.
Median Home Price
$225,000
Avg 30-yr Rate
7.1%
Property Tax Rate
1.59%/yr
Est. Monthly PITI
$1,608
Mortgage Calculator
Total Monthly Payment
$1,607.82
Loan Amount
$180,000
Total Paid
$435,477
Total Interest
$255,477
How to Get a Mortgage in Ohio
- 1 Check your credit score. In Ohio, most conventional lenders require 620+; FHA allows 580+ with 3.5% down.
- 2 Save for your down payment. On a $225,000 Ohio home, 20% down is $45,000 — avoiding PMI and reducing your monthly payment.
- 3 Get pre-approved from 2–3 lenders. Rates in Ohio 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 $5,400–$9,000 on a median Ohio purchase.
- 5 Budget for ongoing costs: Ohio property taxes average 1.59%/yr ($3,578/yr on the median home), plus homeowner's insurance averaging $1.200/yr.
Monthly Cost Breakdown — Median Ohio Home
Excludes HOA fees, PMI (not required with 20% down), and utilities.
Ohio Mortgage FAQs
What is the average home price in Ohio?
The median home price in Ohio is $225,000 (2024 estimate). With a typical 20% down payment of $45,000, a buyer would finance $180,000 at a 30-year fixed rate.
What are property taxes like in Ohio?
Ohio has an average effective property tax rate of 1.59% of assessed home value. On a $225,000 home, that's approximately $3,578 per year ($298/month) — above the national average of 1.07%.
How much income do I need to buy a home in Ohio?
To keep housing costs at or below the recommended 28% of gross monthly income on a median-priced Ohio home, you'd need to earn roughly $68,905 per year. The state's median household income is $64,000, meaning the typical household allocates about 30% of gross income to housing — moderately stretched.
What is the average mortgage rate in Ohio?
The average 30-year fixed mortgage rate in Ohio 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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