Mortgage Calculator MLcalc

Mortgage Calculator /With Taxes and PMI /Ohio

Ohio Mortgage Calculator

Set to Ohio’s own property tax rate of 1.22% and its median home price, so the payment below reflects what owning here actually costs — not a national average.

$
% ($48,000)
years
%
$/year
$/year
$/month
%
$/month
Amortization schedule
$1,538
Monthly payment
$1,224
Principal & interest
$244
Taxes
$70
Insurance
$0
HOA fees

Loan balance over time

Balance Principal paid $192,000 Interest paid $248,528
20262056
Total of 360 payments$553,568
Principal$192,000
Interest$248,528
Taxes$87,840
Insurance$25,200
HOA fees$0
P&I 79.6% Taxes 15.9% Insurance 4.6%
15- vs 30-year term at 6.58%
15-year
$1,681/mo P&I
$110,577 total interest
30-year · current
$1,224/mo P&I
$248,528 total interest
The 15-year term saves $137,952 in interest. Which term is right for you?

What these numbers come from

Median home value
$239,800
Median tax bill
$2,937
Effective tax rate
1.22%
Rank of 51
12th highest

Ohio taxes property at about 1.22% of value against 0.89% nationally. On a $240,000 home that is $66 a month more 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 Ohio home prices

20% down, 30-year fixed at 6.58%, with Ohio property tax of 1.22% and estimated insurance.

Home price Loan P&I Tax/mo Full payment
$144,000 $115,200 $734 $146 $923
$192,000 $153,600 $979 $195 $1,230
$240,000 median $192,000 $1,224 $244 $1,538
$300,000 $240,000 $1,530 $305 $1,922
$360,000 $288,000 $1,836 $366 $2,307

The gap between the P&I column and the last one is what a mortgage quote leaves out. In Ohio taxes alone add $244 a month on a median-priced home.

Amortization schedule

Date Principal Interest Tax, Ins. & HOA Balance
Aug $171 $1,053 $314 $191,829
Sep $172 $1,052 $314 $191,657
Oct $173 $1,051 $314 $191,485
Nov $174 $1,050 $314 $191,311
Dec $175 $1,049 $314 $191,136
2026 $864 $5,255 $1,570 $191,136
Jan $176 $1,048 $314 $190,961
Feb $177 $1,047 $314 $190,784
Mar $178 $1,046 $314 $190,606
Apr $179 $1,045 $314 $190,428
May $180 $1,044 $314 $190,248
Jun $180 $1,043 $314 $190,068

Refinancing in Ohio

Ohio levies its conveyance fee on transfers of ownership, not on refinances, so you avoid that cost when you simply replace one loan with another. Budget instead for county recording fees, a new lender title policy and, in most counties, a fresh appraisal.

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

Ohio home loans in detail

Ohio Mortgage Overview

11 million people call Ohio home and it could be because of the incredibly low cost of living. The average home price is $265,000. The 'Buckeye State' has plenty of exciting things for residents and the land is beautiful, as is the weather.

If you're thinking of buying a home in Ohio, here are your loan options.

Ohio conventional loans

Borrowers need a 660 credit score or higher for a conventional loan. You'll also need a 36 percent debt ratio, although some lenders may be more flexible. First-time homebuyers need 3 percent down and subsequent buyers need 5 percent. You'll pay PMI until you owe less than 80 percent of the home's value, but you'll get some of the most attractive interest rates.

Ohio FHA loans

Borrowers who don't qualify for conventional financing may be a good fit for the FHA loan. You need a 580 credit score and 3.5 percent down, but it can be gift funds or down payment assistance. Borrowers with a lower credit score may qualify with a 10 percent down payment, but 3.5 percent must be your own funds. FHA loans charge mortgage insurance for the life of the loan, but the rates are affordable.

Ohio VA loans

Veterans can secure 100 financing from a VA loan from a Ohio VA lender. You need at least a 620 credit score and you must prove you can afford the new mortgage plus your existing debts and the cost of living. You don't need mortgage insurance for the loan, but most borrowers pay an upfront funding fee.

Ohio USDA loans

If rural living is your thing and you make less than 115 percent of the median income for your area, the USDA loan may be what you need. You'll need a 640+ credit score and your debts shouldn't exceed 41 percent of your income. You don't need a down payment, but you'll pay mortgage insurance for the loan's term.

First-Time Homebuyer

Programs in Ohio

Your Choice Down Payment Assistance

This program provides an affordable 30-year fixed mortgage plus down payment assistance of 2.5 percent or 5 percent of the sales price. You need a 640 credit score or higher and must meet the income limits.

Grants for Grads

If you're a recent grad, you may get a discounted mortgage interest rate plus 2.5 or 5 percent in down payment assistance. If you remain in the home for 5 years, the grant is forgiven. You must have obtained your degree in the last 48 months.

Ohio Heroes

If you serve the public, have a 650 credit score or higher and meet the income limits from above, you may be eligible for a discounted mortgage rate.

Mortgage Tax Credit

First-time homebuyers who meet the income guidelines may be eligible for a tax credit of 40 percent of the mortgage interest paid for the year up to $2,000. This lowers your tax liability and makes homeownership more affordable.

Ohio mortgage FAQ

How much is property tax on a home in Ohio?
Ohio homeowners pay an effective property tax rate of about 1.22 percent of home value — the 12th highest of the 50 states and DC. On the state's median home value of $239,800 that works out to roughly $2,928 a year, or $244 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 Ohio home?
At $240,000 with 20 percent down and the current 6.58 percent national 30-year fixed average, principal and interest come to about $1,224 a month. Adding Ohio property tax of roughly $244 a month and an estimated $70 of homeowner insurance brings the full payment to around $1,538.
What mortgage choices do homebuyers have in Ohio?
Ohio homebuyers can use conventional loans with a 660 credit score, a roughly 36 percent debt ratio, and 3 percent down for first-time buyers or 5 percent for repeat buyers. FHA loans accept a 580 score with 3.5 percent down, which can come from gift funds or assistance. VA loans give veterans 100 percent financing with a 620 score, and USDA loans offer zero-down rural financing at 640 or higher.
What first-time buyer help does Ohio offer?
Your Choice Down Payment Assistance pairs a 30-year fixed mortgage with help equal to 2.5 or 5 percent of the sales price for buyers with a 640 or higher credit score. Grants for Grads gives recent graduates a discounted rate plus assistance forgiven after 5 years in the home. Ohio Heroes discounts rates for public servants, and the Mortgage Tax Credit returns 40 percent of annual mortgage interest as a tax credit.
What credit score is required for a mortgage in Ohio?
FHA loans have the lowest requirement at 580 with 3.5 percent down, or a lower score with 10 percent down. VA loans require at least 620, conventional loans generally need 660 or higher, and USDA loans plus the Your Choice assistance program look for 640. The Ohio Heroes program for public servants sets its minimum at 650.

Property tax in every state

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