Ohio Mortgage Calculator

Calculate your Ohio mortgage payment with PMI, property tax, and closing costs.
Useful for home buyers in Columbus, Cleveland, Cincinnati, Toledo, Akron, Dayton, Youngstown, Canton, and all of Ohio.
Last updated: June 2025 Manually verified by: ManyCalcs team
Enter the total purchase price of the home
Minimum 3% for conventional loans, 3.5% for FHA
Current OH average: 6.5-7.2% (varies by credit score)
Common terms: 15, 20, 25, or 30 years
Bi-weekly payments can save thousands in interest
May qualify for OHFA or other assistance programs
Get instant estimates including OH property tax and PMI
Why use an Ohio Mortgage Calculator?
Ohio has specific property tax rates (average 1.57%), and this calculator provides accurate estimates for PMI, property tax, and closing costs specific to Ohio.

Result

Enter your details to see the estimated payment here.
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Ohio Property Tax: The average effective property tax rate is about 1.57% (above the national average). Closing costs in OH are typically 2-4% of the purchase price.

Average Home Prices in Major Ohio Cities (2025)

City Detached Semi-Detached Townhouse Condo
Columbus $235,000 $195,000 $175,000 $155,000
Cleveland $185,000 $155,000 $135,000 $115,000
Cincinnati $215,000 $185,000 $165,000 $145,000
Toledo $145,000 $125,000 $105,000 $85,000
Akron $165,000 $135,000 $115,000 $95,000
Dayton $155,000 $125,000 $105,000 $85,000
Youngstown $125,000 $105,000 $85,000 $65,000
Canton $135,000 $115,000 $95,000 $75,000
Mobile Note: On small screens, some columns are hidden for better readability. Prices are approximate averages for 2025 and may vary by neighborhood and property features.

Ohio Mortgage Economic Overview (2025)

Current Mortgage Rates

  • 30-Year Fixed: 6.8% - 7.2%
  • 15-Year Fixed: 6.3% - 6.7%
  • 5/1 ARM: 6.1% - 6.5%
  • VA Loans: 6.5% - 6.9%
  • FHA Loans: 6.7% - 7.1%
Rates vary by lender, credit score, and down payment
Source: Freddie Mac PMMS, Bankrate

Federal Economic Indicators

  • Fed Funds Rate: 5.25% - 5.50%
  • 10-Year Treasury: 4.3% - 4.6%
  • Inflation (CPI): 3.1%
  • Unemployment: 3.9%
  • GDP Growth: 2.4%
Data as of June 2025
Sources: Federal Reserve, US Treasury, Bureau of Labor Statistics

Ohio Housing Market Trends

Homeownership Rates

  • Ohio: 69.1%
  • National Average: 65.8%
  • First-Time Buyers: 38%
  • Cash Purchases: 28%

Market Activity

  • Home Sales (YoY): -3.8%
  • Days on Market: 42 days
  • Inventory: 3.8 months
  • Price Growth: +4.2%

Affordability Index

  • OH Affordability: 72%
  • Income Needed: $58,000
  • Median Income: $61,900
  • Housing Burden: 18.5%
Data Sources: Ohio Association of Realtors, National Association of Realtors, US Census Bureau

Regional Ohio Housing Data (2025)

Metro Area Home Price Median Income Tax Rate Median Rent Afford %
Columbus Metro $235,000 $68,400 1.62% $1,250 75%
Cleveland $185,000 $59,200 1.85% $975 78%
Cincinnati $215,000 $64,800 1.34% $1,125 81%
Toledo $145,000 $54,600 1.71% $825 85%
Akron $165,000 $56,800 1.64% $875 82%
Dayton $155,000 $55,200 1.58% $850 84%
Affordability %: Percentage of households that can afford median-priced home with 20% down payment
Sources: Ohio Association of Realtors, Zillow Research, ATTOM Data

Factors Increasing Rates

  • Federal Reserve Policy: Continued high federal funds rate to combat inflation
  • Bond Market Volatility: 10-year Treasury yields affecting mortgage pricing
  • Economic Uncertainty: Geopolitical tensions and market volatility
  • Credit Spreads: Lender risk premiums remain elevated
  • Housing Demand: Limited inventory keeping prices elevated

Potential Rate Relief Factors

  • Inflation Moderation: Fed may pivot if inflation continues declining
  • Economic Slowdown: Recessionary pressures could prompt rate cuts
  • Increased Inventory: More homes for sale reducing price pressure
  • Government Programs: First-time buyer assistance and down payment help
  • Lender Competition: More competitive mortgage products and pricing

Ohio Housing Market Strengths

Key Advantages:

  • 72% of households can afford median-priced home
  • $58,000 annual income needed for median home purchase
  • Median home price 3.7x median household income
  • Rental costs consume 18.5% of median income

Supporting Factors:

  • Diverse economy with healthcare, manufacturing, education
  • Major employment centers in Columbus, Cleveland, Cincinnati
  • Strong university and research institutions
  • Lower cost of living compared to coastal states

Impact: Ohio maintains solid housing affordability with a diverse economic base, making it attractive for professionals, families, and young adults seeking quality employment and lifestyle at reasonable costs.

Sources: Ohio Association of Realtors, McKinsey Housing Research

2025 Ohio Housing Market Outlook

Price Projections

  • 2025 Growth: +3% to +5%
  • Columbus Metro: +4% to +6%
  • Cleveland: +2% to +4%
  • Cincinnati: +3% to +5%

Market Conditions

  • Sales Volume: Moderate growth expected
  • Inventory: Balanced at 3.5-4 months
  • Construction: 12,500 new units planned
  • Migration: Steady inflow from coastal states

Rate Expectations

  • Q2 2025: 6.5% - 7.0%
  • Q3 2025: 6.0% - 6.5%
  • Q4 2025: 5.5% - 6.0%
  • Risk: Economic volatility could delay cuts
Bottom Line: Ohio's housing market shows stable fundamentals with diverse job markets and good affordability. Property taxes are above national average but offset by lower home prices and strong employment opportunities across major metros.

Ohio Economy & Lifestyle Guide

Economic Overview

Major Companies & Employers

Healthcare & Life Sciences
  • Cleveland Clinic - Cleveland (65,000+ employees)
  • OhioHealth - Columbus (35,000+)
  • Cincinnati Children's Hospital - Cincinnati (17,000+)
  • University Hospitals - Cleveland (28,000+)
  • Nationwide Children's Hospital - Columbus (12,000+)
  • Premier Health - Dayton (14,000+)
Financial Services & Insurance
  • Nationwide - Columbus (25,000+)
  • Progressive Corporation - Mayfield Village (47,000+)
  • American Financial Group - Cincinnati (12,000+)
  • Fifth Third Bank - Cincinnati (20,000+)
  • KeyBank - Cleveland (17,000+)
Manufacturing & Automotive
  • General Motors - Multiple locations (8,000+)
  • Ford Motor Company - Multiple locations (6,500+)
  • Honda - Marysville (14,000+)
  • Goodyear Tire & Rubber - Akron (65,000+ globally)

Key Industries

  • Healthcare: $85B+ annually, world-renowned Cleveland Clinic
  • Manufacturing: $120B+ sector, automotive & aerospace
  • Financial Services: Major insurance and banking centers
  • Education: Ohio State University, Case Western Reserve
  • Technology: Growing fintech and healthcare tech
  • Agriculture: $7B+ annually, corn, soybeans, dairy
  • Aerospace: NASA Glenn Research Center, defense
  • Energy: Nuclear, natural gas, renewable growth
Economic Fact: Ohio ranks #7 in U.S. manufacturing output and is home to 62 Fortune 1000 companies, including 20 Fortune 500 companies.

Top Attractions & Destinations

Major Cities & Culture
  • Columbus - State capital, arts & cultural hub
  • Cleveland - Rock & Roll Hall of Fame, cultural center
  • Cincinnati - Over-the-Rhine district, museums
  • Toledo - Glass City, Toledo Museum of Art
Natural Attractions
  • Hocking Hills State Park - Caves, waterfalls, hiking
  • Cuyahoga Valley National Park - Scenic railway, trails
  • Lake Erie Islands - Put-in-Bay, Kelleys Island
  • Ohio River Scenic Byway - Historic river towns
  • Mohican State Park - Forest, canoeing, cabins
Entertainment & Sports
  • Ohio State Fair - Annual Columbus tradition
  • Rock and Roll Hall of Fame - Cleveland landmark
  • Pro Sports - Browns, Cavaliers, Guardians
  • Ohio State Buckeyes - College football powerhouse

Airbnb & Short-Term Rental Prices (2025)

Area Avg/Night Monthly Est.
Columbus $115 $2,875
Cleveland $105 $2,625
Cincinnati $100 $2,500
Davenport $75 $1,875
Ames $95 $2,375
Sioux City $70 $1,750
Waterloo $65 $1,625
Dubuque $80 $2,000
Monthly estimates based on 25-day occupancy

Why Ohio - Professionals

Career Opportunities
  • Healthcare leadership (Cleveland Clinic, OhioHealth)
  • Manufacturing & automotive industry strength
  • Tech growth in Columbus & Cincinnati
  • Financial services & banking sector jobs
  • Aerospace & defense contractor opportunities
Lifestyle & Social
  • Strong community values & neighborhoods
  • Four distinct seasons & outdoor recreation
  • Rich cultural heritage & history
  • Ohio State Fair & cultural events
  • Affordable cost of living
Challenges
  • Weather variability & harsh winters
  • Economic transition in some regions
  • Infrastructure aging in older cities
  • Brain drain to larger metro areas

Why Ohio - Families

Education & Opportunities
  • Top universities (Ohio State, Case Western, Cincinnati)
  • Strong public school systems statewide
  • Diverse educational opportunities
  • Excellent STEM & medical education
  • Affordable higher education options
Family Lifestyle
  • Family-friendly communities
  • Affordable family housing options
  • World-class healthcare systems
  • Rich cultural & recreational activities
  • Strong community support networks
Family Challenges
  • Limited cultural & entertainment options
  • Harsh winter weather conditions
  • Fewer job opportunities for spouses
  • Youth migration to larger cities
Ohio Advantages: Excellent affordability, strong healthcare sector, top universities, diverse economy, rich cultural heritage, central location
Key Considerations: Weather variability, economic transition areas, infrastructure aging, competition from larger metros
Economic Data Sources: Bureau of Economic Analysis, US Census, Airbnb Market Data, Ohio Tourism

How Mortgage Rules Work in Ohio

Example: On a $235,000 home with 10% down in Columbus, you pay PMI and property tax. Closing costs are typically 2-4% of the purchase price.

Ohio Mortgage FAQ

Common questions and detailed answers for Ohio home buyers covering first-time buyer assistance, financing, and affordability.

Ohio offers several first-time buyer programs:
Ohio State Programs
  • OHFA First-Time Homebuyer: Down payment assistance up to 5%
  • Your Choice! Down Payment Assistance: Up to $15,000 help
  • Ohio Heroes Program: For teachers, firefighters, police
  • HOME Investment Partnerships: Local down payment assistance
Federal Programs
  • FHA Loans: 3.5% down payment, flexible credit
  • VA Loans: 0% down for eligible veterans
  • USDA Loans: 0% down in rural areas
  • Conventional 3% Down: Fannie Mae/Freddie Mac programs
Typical Requirements: First-time buyer status (or haven't owned in 3+ years), income limits (80-120% of Area Median Income), completion of homebuyer education course, minimum credit score 620+.
Learn More: OHFA Programs, Ohio Development Services, CFPB First-Time Buyer Guide

Down payment requirements vary by loan type and lender:
Loan Type Min Down Typical Range Notes
Conventional 3% 5% - 20% PMI if <20%
FHA 3.5% 3.5% - 10% MIP required
VA 0% 0% - 10% Veterans only
USDA 0% 0% - 5% Rural areas
Jumbo 10% 10% - 20% >$766,550
Ohio Averages (2025)
  • First-time buyers: 7.8% average
  • Repeat buyers: 16.2% average
  • All buyers: 13.1% average
  • Cash purchases: 28% of all sales
Strategy: Higher down payments reduce monthly costs but require more upfront cash. Consider Ohio property tax rates when calculating total monthly payments.
Data Sources: NAR Home Buyers Report, Ohio Association of Realtors, Fannie Mae Guidelines

Ohio closing costs typically range from 2-4% of home price (average 2.8%):
Major Cost Components
  • Title Insurance: $800 - $2,000
  • Attorney/Escrow Fees: $600 - $1,200
  • Loan Origination: 0.5% - 1% of loan amount
  • Appraisal: $400 - $650
  • Home Inspection: $300 - $500
  • Credit Report: $50 - $100
  • Recording Fees: $50 - $200
Prepaid Items
  • Property Tax (prorated): Varies by purchase date
  • Homeowner's Insurance: $800 - $2,000
  • Prepaid Interest: Based on closing date
  • HOA Fees (if applicable): Prorated amount
Example: On a $235,000 home, expect $6,600 - $9,400 in closing costs (avg $6,580).
Ohio-Specific Considerations
  • Transfer Tax: Ohio has no state transfer tax (local fees may apply)
  • Title Policy: Ohio rates regulated by state insurance department
  • Property Tax Proration: Based on tax year (January 1 - December 31)
  • Attorney Closings: Common practice in Ohio real estate
Resources: CFPB Closing Costs Guide, Ohio Realtors Closing Cost Data, American Land Title Association

Ohio property taxes are based on assessed value with moderate rates statewide:
Key Facts
  • Average Rate: 1.57% statewide (moderate nationally)
  • Assessment: Based on 35% of appraised market value
  • Payment: Due typically by January 31
  • Exemptions: Homestead exemption available
  • Appeals: Can file complaints on valuations
Major Metro Areas
  • Columbus (Franklin County): 1.78%
  • Cleveland (Cuyahoga County): 2.31%
  • Cincinnati (Hamilton County): 1.72%
  • Toledo (Lucas County): 1.86%
  • Akron (Summit County): 1.92%
Ohio Homestead Exemption

Ohio provides property tax relief through homestead exemptions:

  • Homestead exemption up to $25,000 for seniors (65+) and disabled
  • Additional exemptions for low-income households
  • Property tax credit for qualifying homeowners
  • Must be primary residence and filed by first Monday in June
Example Calculation

$235,000 home in Columbus:

  • Tax Rate: 1.78%
  • Assessed Value: $82,250 (35%)
  • Annual Tax: $4,184
  • Monthly (escrow): $349
Tip: Property valuations can be appealed during complaint periods. About 30% of appeals result in reductions.
Official Sources: Ohio Department of Taxation, Ohio Realtors Property Tax Data, Ohio Housing Finance Agency

Ohio affordability benefits from stable prices and diverse employment opportunities:
Affordability Guidelines
  • 28% Rule: Housing ≤ 28% of gross monthly income
  • 36% Rule: Total debt ≤ 36% of gross income
  • Ohio Reality: Many pay 20-30% due to affordable costs
  • Debt-to-Income: Most lenders allow up to 43-50%
Income Requirements by Area
  • Columbus Metro: $58,000+
  • Cincinnati Metro: $52,000+
  • Cleveland Metro: $45,000+
  • Dayton Metro: $38,000+
  • Toledo Area: $41,000+
Affordability Strategies
  • Increase Income: Side businesses, career advancement
  • Reduce Debt: Pay off credit cards, student loans
  • Save More: Larger down payment reduces monthly costs
  • Consider Location: Smaller Ohio cities very affordable
  • Use Assistance: OHFA down payment help programs
  • Co-buying: Purchase with family/friends
Good News: 72% of OH households can afford median-priced homes vs. 65.8% nationally.
Alternative Homeownership Options
  • Condos/Townhomes: Lower entry prices
  • Fixer-uppers: Build equity through improvements
  • Shared Equity: Programs like OHFA assistance
  • House Hacking: Rent out rooms/units
  • Relocate: Consider very affordable OH regions
  • Wait & Save: Build larger down payment
Quick Affordability Check

Rule of thumb for OH:

  • Home price ≤ 3-4x annual income
  • Monthly payment ≤ 35% gross income
  • Emergency fund: 3-6 months expenses
  • Down payment + closing costs saved
Success Strategy: Start with a realistic budget, explore Ohio financing options, and consider building wealth over time through homeownership.
Affordability Resources: Ohio Realtors Affordability Index, CFPB Affordability Guide, Freddie Mac Research, NAR Affordability Data

Ohio Mortgage Education Guide

Essential mortgage information for Ohio home buyers, including loan types, down payment requirements, closing costs, and PMI guidelines.

Mortgage Types Available in Ohio

Conventional Loans

  • 30-Year Fixed: Most popular, stable payments
  • 15-Year Fixed: Higher payments, lower total interest
  • Adjustable Rate (ARM): Lower initial rates, risk of increases
  • Jumbo Loans: For homes above $766,550 (2024 limit)

Government-Backed Loans

  • FHA Loans: 3.5% down, flexible credit requirements
  • VA Loans: 0% down for eligible veterans
  • USDA Loans: 0% down in eligible rural areas

Ohio-Specific Programs

  • OHFA First-Time Buyer: Down payment assistance
  • Your Choice! Down Payment: Up to $15,000 assistance
  • Ohio Heroes Program: For essential workers
  • Ohio Save On Energy: Energy efficiency loans

Interest Rate Types

  • Fixed Rate: Same rate for entire loan term
  • ARM (5/1, 7/1, 10/1): Fixed period then adjustable
  • Interest-Only: Pay only interest initially
Learn More: OHFA, FHA Guidelines, VA Home Loans, Fannie Mae

Down Payment Averages in Ohio

By Loan Type

  • Conventional Loans: 5% - 20%
  • FHA Loans: 3.5% minimum
  • VA Loans: 0% down
  • USDA Loans: 0% down
  • Jumbo Loans: 10% - 20%

Ohio Averages (2025)

  • First-Time Buyers: 8.2%
  • Repeat Buyers: 16.1%
  • All Buyers: 13.5%
  • Cash Purchases: 28% of sales
Tip: Higher down payments reduce PMI costs and monthly payments but require more upfront cash.
Data Sources: NAR Home Buyers Report, Ohio Realtors Market Data

Ohio Closing Costs

Typical Cost Range

  • Total Closing Costs: 2% - 4% of home price
  • Ohio Average: 2.8% of purchase price
  • Example ($235K home): $6,600

Major Components

  • Title Insurance: $800 - $1,800
  • Attorney/Escrow Fees: $600 - $1,500
  • Home Inspection: $350 - $650
  • Appraisal: $450 - $700
  • Loan Origination: 0.5% - 1% of loan
  • Property Tax (prorated): Varies
  • Homeowner's Insurance: $800 - $1,800
Reference: CFPB Closing Costs Guide, Ohio Realtors Closing Cost Data

Private Mortgage Insurance (PMI) Rules in Ohio

When PMI is Required

  • Down Payment: Less than 20%
  • Loan-to-Value: Above 80%
  • Loan Types: Conventional loans only
  • FHA Alternative: Mortgage Insurance Premium (MIP)
Note: VA loans don't require PMI but have a funding fee.

PMI Cost Ranges

  • 5% - 9.99% Down: 0.85% - 1.20% annually
  • 10% - 14.99% Down: 0.50% - 0.95% annually
  • 15% - 19.99% Down: 0.30% - 0.75% annually
  • Credit Score Impact: Lower scores = higher PMI
Example: $700K loan, 10% down = $292-$554/month PMI

PMI Removal Rules

  • Automatic Removal: At 78% LTV
  • Request Removal: At 80% LTV
  • Requirements: Good payment history
  • Appraisal: May be required for removal
  • Recast Option: Large payment to reduce LTV
Tip: Track your home value increases to accelerate PMI removal.

PMI vs. MIP Comparison

Feature Conventional PMI FHA MIP
Min Down 3% - 5% 3.5%
Removal At 78-80% LTV 11 years min
Cost 0.3%-1.2%/yr 0.85%/yr + upfront
Credit Req Higher scores More flexible
Official Guidelines: CFPB PMI Guide, Fannie Mae PMI, Freddie Mac, FHA MIP Guidelines

Ohio Down Payment Assistance Programs

Statewide Programs

  • OHFA Your Choice! Down Payment: Up to $15,000 assistance
  • Ohio Heroes Program: For essential workers
  • Your Choice! Move-Up: For existing homeowners
  • HOME Investment Partnerships: Local assistance

Local Programs

  • Columbus: Franklin County First-Time Buyer Program
  • Cleveland: CHDC Homeownership Program
  • Cincinnati: CHFA Down Payment Assistance
  • Dayton: City Wide Development Homeownership
Eligibility Requirements (Typical)
  • First-time home buyer (or haven't owned in 3+ years)
  • Income limits (usually 80-120% of Area Median Income)
  • Completion of homebuyer education course
  • Primary residence requirement
  • Minimum credit score (typically 620+)
Program Information: OHFA Programs, Down Payment Resource, HUD Ohio

Ohio Mortgage Application Timeline

Pre-Approval (1-3 days)

  • Submit application
  • Provide income docs
  • Credit check
  • Get pre-approval letter

Home Shopping (30-60 days)

  • Search for homes
  • Make offers
  • Negotiate terms
  • Sign purchase contract

Processing (30-45 days)

  • Submit full application
  • Order appraisal
  • Home inspection
  • Underwriting review

Closing (3-5 days)

  • Final walkthrough
  • Review closing docs
  • Wire closing funds
  • Get keys!
Ohio Specific: Ohio has a reliable approval process with standard closing times. Property surveys may be required depending on the area, and the state's stable market conditions often result in consistent lending terms.
Process Guide: CFPB Home Buying Guide, Ohio Realtors Home Buying Tips

Ohio Mortgage Calculator Summary

Our comprehensive Ohio mortgage calculator helps you estimate monthly payments, including Ohio's moderate property tax, PMI, and closing costs for all cities including Columbus, Cleveland, Cincinnati, Toledo, Akron, and Dayton.

Key Features for Ohio Home Buyers:

  • Property Tax Calculation: Accurate OH property tax (1.57% average statewide)
  • PMI Estimation: Private mortgage insurance calculations for down payments under 20%
  • Closing Cost Estimates: Comprehensive closing cost projections (2-4% of home price)
  • City-Specific Data: Tailored calculations for Columbus, Cleveland, Cincinnati, and all OH areas

Ohio Real Estate Market Insights:

Median Home Price:
$205,000 (Statewide)
Average Property Tax:
1.57% (Moderate)

Popular Ohio Cities for Home Buyers: Columbus, Cleveland, Cincinnati, Toledo, Akron, Dayton, Youngstown, Canton, Parma, Lorain, Hamilton, Springfield, Kettering, Elyria, and Middletown.

Quick Links & Resources

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Calculator Last Updated:
June 2025
Data Sources: Ohio.gov, OHFA, OhioRealtors.org