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Mortgage Calculator /With Taxes and PMI /Indiana

Indiana Mortgage Calculator

Set to Indiana’s own property tax rate of 0.74% and its median home price, so the payment below reflects what owning here actually costs — not a national average.

$
% ($48,800)
years
%
$/year
$/year
$/month
%
$/month
Amortization schedule
$1,466
Monthly payment
$1,244
Principal & interest
$151
Taxes
$71
Insurance
$0
HOA fees

Loan balance over time

Balance Principal paid $195,200 Interest paid $252,670
20262056
Total of 360 payments$527,670
Principal$195,200
Interest$252,670
Taxes$54,180
Insurance$25,620
HOA fees$0
P&I 84.9% Taxes 10.3% Insurance 4.9%
15- vs 30-year term at 6.58%
15-year
$1,709/mo P&I
$112,420 total interest
30-year · current
$1,244/mo P&I
$252,670 total interest
The 15-year term saves $140,251 in interest. Which term is right for you?

What these numbers come from

Median home value
$243,500
Median tax bill
$1,798
Effective tax rate
0.74%
Rank of 51
29th highest

Indiana taxes property at about 0.74% of value against 0.89% nationally. On a $244,000 home that is $30 a month less than the same house would cost in taxes at the national rate. Rates are set by counties, cities and school districts, so your own bill will differ from the state median — put your actual figure in the property tax field and the payment updates.

Tax and home value figures: U.S. Census Bureau, American Community Survey 2024 1-year estimates. Insurance is estimated at 0.35% of home value per year — there is no comparable public per-state dataset, so treat it as a placeholder and replace it with your own quote. The interest rate is the national Freddie Mac 30-year average of 6.58%; this site does not publish state-level rate quotes.

Monthly cost across Indiana home prices

20% down, 30-year fixed at 6.58%, with Indiana property tax of 0.74% and estimated insurance.

Home price Loan P&I Tax/mo Full payment
$146,000 $116,800 $744 $90 $877
$195,000 $156,000 $994 $120 $1,171
$244,000 median $195,200 $1,244 $150 $1,466
$304,000 $243,200 $1,550 $187 $1,826
$365,000 $292,000 $1,861 $225 $2,193

The gap between the P&I column and the last one is what a mortgage quote leaves out. In Indiana taxes alone add $151 a month on a median-priced home.

Amortization schedule

Date Principal Interest Tax, Ins. & HOA Balance
Aug $174 $1,070 $222 $195,026
Sep $175 $1,069 $222 $194,852
Oct $176 $1,068 $222 $194,676
Nov $177 $1,067 $222 $194,499
Dec $178 $1,067 $222 $194,322
2026 $878 $5,342 $1,108 $194,322
Jan $179 $1,066 $222 $194,143
Feb $180 $1,065 $222 $193,964
Mar $181 $1,064 $222 $193,783
Apr $182 $1,063 $222 $193,602
May $183 $1,062 $222 $193,419
Jun $184 $1,061 $222 $193,236

Refinancing in Indiana

The arithmetic is the same everywhere: refinancing pays off when the monthly saving clears the closing costs before you sell or refinance again. What differs by state is the cost of getting there — recording fees, transfer and mortgage taxes, and whether an existing tax assessment survives the new loan.

Work the break-even with the refinance calculator, or check this week’s national average rates.

Indiana home loans in detail

Indiana Mortgage Overview

If you live in the Hoosier State, you're among 6.7 million people. The median home price in Indiana is an affordable $275,000 and almost 70 percent of the homes are owner-occupied. Indiana offers many first-time homebuyer programs, making it easy to go from renting to homeownership with support.

Indiana FHA loans

The Indiana FHA loan is a low down payment program for borrowers with less than perfect credit. You need just a 580 credit score and a 3.5 percent down payment to qualify. If you have a credit score between 500 - 579, you can still get a loan, but with a 10 percent down payment. The FHA underwriting guidelines are flexible and easy for first-time homebuyers.

Indiana VA loans

Veterans of the military enjoy the benefits of a 100 percent loan program from the VA. With no down payment and only 620 credit score requirements, it's easy for veterans to secure the financing they need to become homeowners.

Indiana USDA loans

Borrowers who don't qualify for either of the above government loans may be eligible for an Indiana USDA loan. The program doesn't require a down payment and has flexible underwriting guidelines. All you need is a 640 credit score and income that's less than 115 percent of the average for the area to be eligible.

Indiana conventional loans

If you have good credit and at least 3 percent to put down on a home, you may qualify for a conventional loan. You need a 660 credit score and a decent debt-to-income ratio. Conventional loans have tougher guidelines, but if you qualify, you only pay PMI until you owe less than 80 percent of the home's value.

First-Time Homebuyer Programs in Indiana

First Place Program

Eligible applicants receive down payment assistance of up to 6 percent of the sales price and an FHA 30-year fixed-rate loan. You need at least a credit score of 640 if your debt ratio is less than 45 percent or 680 credit score with a debt ratio of 50 percent.

Next Home

Eligible applicants receive down payment assistance of up to 3.5 percent and an FHA 30-year fixed-rate loan. Like the First Place Program, you need a minimum 640 credit score with a 45 percent debt ratio and 680 credit score with a 50 percent debt ratio.

Mortgage Credit Certificate

The Mortgage Credit Certificate gives first-time homebuyers a tax credit for the interest they pay on their mortgage (up to $2,000) per year.

Indiana mortgage FAQ

How much is property tax on a home in Indiana?
Indiana homeowners pay an effective property tax rate of about 0.74 percent of home value — the 29th highest of the 50 states and DC. On the state's median home value of $243,500 that works out to roughly $1,806 a year, or $151 a month added to the mortgage payment. The figures come from the Census Bureau's American Community Survey 2024 1-year estimates; your own bill depends on the county and city rates where the home sits.
What is the monthly payment on a median-priced Indiana home?
At $244,000 with 20 percent down and the current 6.58 percent national 30-year fixed average, principal and interest come to about $1,244 a month. Adding Indiana property tax of roughly $151 a month and an estimated $71 of homeowner insurance brings the full payment to around $1,466.
Which mortgage programs can Indiana buyers choose from?
Indiana buyers can use FHA loans with a 580 credit score and 3.5 percent down (10 percent down for scores of 500 to 579), VA loans with no down payment and a 620 score for veterans, USDA loans with zero down for a 640 score and income under 115 percent of the area average, and conventional loans with 3 percent down and a 660 score.
What first-time homebuyer programs does Indiana offer?
The First Place Program pairs down payment assistance of up to 6 percent of the sales price with an FHA 30-year fixed-rate loan, while Next Home offers up to 3.5 percent assistance on the same structure. Both require a 640 credit score with a debt ratio under 45 percent, or 680 with up to 50 percent. A Mortgage Credit Certificate adds an annual tax credit on mortgage interest.
Can you buy a home in Indiana with no down payment?
Yes. Veterans can use the VA loan, a 100 percent financing program that requires no down payment and only a 620 credit score. Buyers who do not qualify for VA financing may be eligible for an Indiana USDA loan, which also skips the down payment if you have a 640 credit score and earn less than 115 percent of the area average income.

Property tax in every state

Effective rate on owner-occupied value, highest bills first in each column.