Indiana Mortgage Calculator
Calculate your Indiana mortgage payment with PMI, property tax, and closing costs.
Useful for home buyers in Indianapolis, Fort Wayne, Evansville, South Bend, Bloomington, and all of Indiana.
Useful for home buyers in Indianapolis, Fort Wayne, Evansville, South Bend, Bloomington, and all of Indiana.
Why use an Indiana Mortgage Calculator?
Indiana has affordable home prices but property tax rates that vary by county. This calculator estimates your payment, PMI, property tax, and closing costs.
Indiana has affordable home prices but property tax rates that vary by county. This calculator estimates your payment, PMI, property tax, and closing costs.
Result
Enter your details to see the estimated payment here.
Related Calculators
Indiana Property Tax: The average effective property tax rate is about 0.85%. Indiana has property tax caps limiting taxes to 1% of assessed value for primary residences. Closing costs in IN are typically 2-4% of the purchase price.
Average Home Prices in Major Indiana Cities (2024)
| City | Detached | Semi-Detached | Townhouse | Condo |
|---|---|---|---|---|
| Indianapolis | $260,000 | $230,000 | $200,000 | $180,000 |
| Fort Wayne | $220,000 | $190,000 | $170,000 | $155,000 |
| Evansville | $195,000 | $175,000 | $155,000 | $140,000 |
| South Bend | $185,000 | $165,000 | $150,000 | $135,000 |
| Bloomington | $320,000 | $280,000 | $250,000 | $220,000 |
Note: Prices are approximate averages for 2024 and may vary by neighborhood and property features.
How Mortgage Rules Work in Indiana
- Property Tax: Indiana's average effective property tax rate is about 0.85%. The state has constitutional property tax caps limiting taxes to 1% of assessed value for primary residences (2% for rental properties and 3% for businesses).
- Homestead Deduction: Indiana offers a homestead deduction that reduces the assessed value of your primary residence by $45,000 or 60% of the assessed value (whichever is less).
- PMI (Private Mortgage Insurance): If your down payment is less than 20%, you must pay PMI, which is added to your monthly payment until you reach 20% equity.
- Closing Costs: Indiana's closing costs include title insurance, recording fees, and other expenses, typically ranging from 2-4% of the purchase price.
Example: On a $250,000 home with 20% down in Indianapolis, you avoid PMI and benefit from Indiana's homestead deduction for property taxes. Closing costs are typically 2-4% of the purchase price.
Frequently Asked Questions
Indiana has constitutional property tax caps that limit the amount of property tax you pay based on the type of property. For your primary residence, taxes are capped at 1% of the assessed value. Rental properties are capped at 2%, and commercial properties at 3%. These caps are often referred to as the "1-2-3 caps."
The homestead deduction in Indiana reduces the assessed value of your primary residence by $45,000 or 60% of the assessed value, whichever is less. To qualify, you must own and live in the home as your primary residence and file for the deduction with your county auditor.
Closing costs in Indiana are typically 2-4% of the purchase price and include title insurance, recording fees, loan origination fees, and other expenses. Indiana has relatively low closing costs compared to the national average.