Indianapolis, IN variant. This is a Indianapolis, IN-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.
Indianapolis's $220,000 median home and 1.07% property tax make for a distinctive mortgage payment. High-cost metros front-load the principal-and-interest portion.
Mortgage payment in Indianapolis
On the $220,000 median home with 20% down ($44,000), you'd finance $176,000. At 6.5% over 30 years, P&I ≈ $1,112/month.
Add Indianapolis's 1.07% property tax (≈ $196/month) plus insurance for the all-in payment.
About Indianapolis, IN
Indianapolis residents pay a local county income tax in addition to Indiana state income tax.
Indianapolis is one of the more affordable large-city housing markets in the country, with modest home prices and rents.
Indianapolis's economy is supported by healthcare, logistics, advanced manufacturing, and a strong sports and convention sector.
Worked example: $220,000 Indianapolis home
Loan $176,000 at 6.5% for 30 years → $1,112/mo P&I. Property tax ≈ $196/mo. Total before insurance ≈ $1,309/mo.
Quick reference
- Median home value: $220,000
- Median rent: $1,300/mo
- Median household income: $58,572
- Local sales tax: 7%
- City income tax: 2.02%
- Effective property tax rate: 1.07%
- Cost of living index: 88 (US avg = 100)
Frequently Asked Questions
How much is a mortgage in Indianapolis?
About $1,112/month P&I on the $220,000 median home with 20% down at 6.5%.
What is the property tax rate in Indianapolis?
About 1.07% of home value per year.