Indiana Mortgage Calculator 2026 — Monthly Payment Estimate | US Financial Calculators

Median Indiana home ($260,000) — 20% down — 7% rate — 30yr

Component	Monthly	Annual
Principal & Interest	$1,383.83	$16,606
Property Tax (0.85%)	$184.17	$2,210
Homeowners Insurance	$150.00	$1,800
Total PITI	$1,718.00	$20,616

Total interest over 30yr: $290,179. PMI not included.

Monthly property tax on a $400,000 home by state

State	Avg Rate	Monthly/$400k
Alabama	0.41%	$136.67
Alaska	1.04%	$346.67
Arizona	0.62%	$206.67
Arkansas	0.62%	$206.67
California	0.76%	$253.33
Colorado	0.51%	$170.00
Connecticut	1.79%	$596.67
Delaware	0.57%	$190.00
Florida	0.89%	$296.67
Georgia	0.92%	$306.67
Hawaii	0.29%	$96.67
Idaho	0.69%	$230.00
Illinois	2.23%	$743.33
Indiana ★	0.85%	$283.33
Iowa	1.57%	$523.33
Kansas	1.41%	$470.00
Kentucky	0.86%	$286.67
Louisiana	0.55%	$183.33
Maine	1.09%	$363.33
Maryland	1.09%	$363.33
Massachusetts	1.14%	$380.00
Michigan	1.54%	$513.33
Minnesota	1.12%	$373.33
Mississippi	0.81%	$270.00
Missouri	1.01%	$336.67
Montana	0.84%	$280.00
Nebraska	1.73%	$576.67
Nevada	0.55%	$183.33
New Hampshire	1.93%	$643.33
New Jersey	2.23%	$743.33
New Mexico	0.80%	$266.67
New York	1.72%	$573.33
North Carolina	0.80%	$266.67
North Dakota	0.98%	$326.67
Ohio	1.53%	$510.00
Oklahoma	0.88%	$293.33
Oregon	0.87%	$290.00
Pennsylvania	1.49%	$496.67
Rhode Island	1.53%	$510.00
South Carolina	0.57%	$190.00
South Dakota	1.22%	$406.67
Tennessee	0.67%	$223.33
Texas	1.60%	$533.33
Utah	0.52%	$173.33
Vermont	1.83%	$610.00
Virginia	0.87%	$290.00
Washington	0.98%	$326.67
Washington DC	0.55%	$183.33
West Virginia	0.59%	$196.67
Wisconsin	1.76%	$586.67
Wyoming	0.61%	$203.33

Indiana has a moderate property tax rate of 0.85%. Indiana's 1% cap on residential property taxes (of assessed value) provides predictability for homeowners. Indianapolis has seen strong home price growth, but Indiana remains one of the more affordable Midwestern states for housing. The state offers a homestead deduction and other exemptions to reduce property tax bills.

Median home price: $260,000. Average property tax: 0.85%. Cost of living index: 90 (US avg = 100).

What is the average property tax rate in Indiana?

The average effective property tax rate in Indiana is 0.85%. This means on a $260,000 home, you would pay approximately $2,210/year ($184.17/month) in property taxes. Note that actual property taxes are based on the county-assessed value, which may differ from the purchase price, and individual rates vary by county.

How much do I need to earn to afford a home in Indiana?

At the Indiana median home price of $260,000 with 20% down and a 7% rate, total monthly housing costs (PITI) are approximately $1,718.00. Using the 28% housing-to-income rule, you would need a gross monthly income of about $6,135.70, or $73,628/year. With less down payment or higher home price, the required income increases.

Is Indiana a community property state?

Indiana is a common law (equitable distribution) state. Spouses can own property separately, and lenders typically evaluate only the borrower(s) named on the mortgage application.

Should I get a 15-year or 30-year mortgage?

A 30-year mortgage has lower monthly payments but you pay significantly more interest over time. For example, on a $208,000 loan at 7%, monthly P&I is $1,383.83 (30yr) vs. $1,869.56 (15yr). Choose 30-year if cash flow is tight; choose 15-year if you can comfortably afford the higher payment.

What other costs should I budget for when buying in Indiana?

Beyond the mortgage payment, budget for: (1) Closing costs — typically 2–5% of the loan amount at purchase; (2) Home inspection — $300–$600; (3) Property taxes — $2,210/year at Indiana average rates on a $260,000 home; (4) Homeowners insurance — $1,200–$2,400/year; (5) HOA fees if applicable; (6) Maintenance reserve — budget 1–2% of home value annually.

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