Indiana Mortgage Calculator

Calculate your monthly mortgage payment in Indiana. Pre-filled with Indiana's average property tax rate of 0.85%. See principal, interest, PMI, property taxes, and insurance.

$70,000

Monthly Payment Breakdown

Principal & Interest
$1,770
Property Tax
$248
Homeowner's Insurance
$100
Total Monthly Payment
$2,118

Loan Summary

Home Price
$350,000
Down Payment
$70,000
Loan Amount
$280,000
Total Interest
$357,125
Total Cost(P&I + down payment)
$707,124

See how this mortgage fits your financial plan

Your estimated payment is $2,118/month. See how it fits alongside your income, savings, investments, and other expenses over time.

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Indiana Housing Overview

Indiana has an average property tax rate of 0.85%. Indiana's cost of living is about 10% below the national average, with affordable housing throughout the state.

Property Tax: 0.85%Flat 3.05% rate (very low)County-level income taxes (1-3%)Low cost of living

Buying a Home in Indiana

If you're considering buying a home in Indiana, understanding the local housing market and costs is essential. Property taxes, insurance rates, and home prices vary significantly by area within the state. This calculator pre-fills Indiana's average property tax rate of 0.85% to give you a more accurate estimate.

Indiana Property Taxes

Indiana has an average effective property tax rate of 0.85%. Property taxes are a significant component of your monthly housing cost — on a $350,000 home, a 0.85% rate means approximately $2975 per year, or $248 per month in property taxes alone.

Cost of Living in Indiana

Indiana's cost of living is about 10% below the national average, with affordable housing throughout the state. When evaluating whether to buy a home in Indiana, consider how your mortgage payment plus other housing costs fit within the recommended 28% of gross income guideline.

Financial Tips for Indiana Homebuyers

  • Indiana's 3.05% state rate is among the lowest, but county taxes of 1-3% add to your total burden
  • Indianapolis' growing tech and life sciences sectors offer competitive employment
  • Indiana has a relatively low cost of living, especially outside of Indianapolis
  • Indiana taxes Social Security for higher earners — plan accordingly

Key Indiana Features

  • Flat 3.05% rate (very low)
  • County-level income taxes (1-3%)
  • Low cost of living
  • Growing tech sector in Indianapolis

See How Your Indiana Mortgage Fits Your Financial Plan

This calculator shows your Indiana mortgage payment. Trajectoryy's full simulator shows how that payment fits alongside your income, taxes, savings, investments, and more.

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Compare Indiana Mortgage Costs with Other States

Michigan1.54% property taxOhio1.36% property taxIllinois1.97% property taxCalifornia0.71% property taxNew York1.46% property taxNew Jersey2.23% property tax

Frequently Asked Questions

What is the average property tax rate in Indiana?
The average effective property tax rate in Indiana is approximately 0.85%. This rate is applied to the assessed value of your property, which may differ from the market value depending on Indiana's assessment practices. Property tax rates can also vary significantly by county and municipality within the state.
How much does a typical mortgage payment cost in Indiana?
Your mortgage payment in Indiana depends on the home price, your down payment, interest rate, and loan term. With Indiana's average property tax rate of 0.85%, property taxes add a meaningful amount to your monthly payment. Use the calculator above with your specific numbers to get an accurate estimate.
Is Indiana an affordable state to buy a home?
Indiana's cost of living is about 10% below the national average, with affordable housing throughout the state. When evaluating affordability in Indiana, consider not just the home price but also property taxes (0.85% average), homeowner's insurance costs, and any HOA fees common in your area.
How do Indiana property taxes compare to other states?
Indiana's average property tax rate of 0.85% can be compared against the national average of roughly 1.1%. States like New Jersey (2.23%) and Illinois (1.97%) have among the highest rates, while Hawaii (0.28%) and Alabama (0.40%) have among the lowest.
What first-time homebuyer programs are available in Indiana?
Most states, including Indiana, offer first-time homebuyer programs through their state housing finance agency. These typically include down payment assistance, below-market interest rates, and closing cost grants. Check with Indiana's housing authority and the FHA, VA, and USDA loan programs for additional options.

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