Indiana variant. This is a Indiana-specific version of the Mortgage Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Mortgage Calculator.
With a median home value of $240,000 and an effective property tax rate of 0.84%, a typical Indiana mortgage payment combines principal, interest, taxes, and insurance into a meaningfully different number than the sticker price suggests.
What drives a Indiana mortgage payment
On the $240,000 median home with 20% down ($48,000), you'd finance about $192,000. At an illustrative 6.5% 30-year fixed rate, the principal-and-interest payment is roughly $1,214/month.
Indiana's 0.84% effective property tax adds about $168/month, and homeowners insurance plus any PMI push the all-in payment higher still. Enter your real price, rate, and down payment above for an exact figure.
About taxes and housing in Indiana
Indiana has a low flat state income tax, and counties may add their own local income taxes on top.
Indiana caps property taxes through a constitutional limit tied to a percentage of a home's value, keeping bills predictable.
Indiana has one of the most manufacturing-intensive economies in the country, with steel, autos, and pharmaceuticals as major sectors.
Worked example: $240,000 home in Indiana
Price $240,000, 20% down ($48,000), loan $192,000 at 6.5% for 30 years → P&I ≈ $1,214/mo. Add property tax ≈ $168/mo (0.84% of value ÷ 12). Total before insurance ≈ $1,382/mo.
Quick reference
- State income tax: Flat 3.05% (decreasing toward 2.9%)
- State sales tax: 7% (plus 0.00% avg local)
- Median home value: $240,000
- Median household income: $67,173
- Effective property tax rate: 0.84%
- Avg auto insurance: $1,304/yr
Frequently Asked Questions
How much is a mortgage on a $240,000 Indiana home?
With 20% down at 6.5% over 30 years, principal and interest run about $1,214/month, before Indiana's 0.84% property tax and insurance.
What is the property tax rate in Indiana?
Indiana's effective property tax rate is about 0.84% of home value per year.