Ohio variant. This is a Ohio-specific version of the Refinance 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 Refinance Calculator.
Refinancing a Ohio mortgage makes sense when the monthly interest savings recover your closing costs before you sell or move. On the state's $220,000 median home, even a small rate drop moves real money.
When refinancing pays off in Ohio
Closing costs typically run 2-5% of the loan balance. On a $176,000 loan (80% of the $220,000 median home), that's roughly $5,280 at 3%.
Your break-even point is closing costs ÷ monthly savings. Drop your rate enough to save $200/month and you'd recover $5,280 in about 26 months - refinance only if you'll stay past that point.
About taxes and housing in Ohio
Ohio levies a graduated income tax with a top marginal rate in the mid-3% range, and many municipalities add local income taxes.
Ohio's effective property tax rate is relatively high near 1.6%, while median home values remain affordable around $220,000.
Ohio's economy is diversified across manufacturing, healthcare, finance, and logistics, with major metros in Columbus, Cleveland, and Cincinnati.
Worked example: break-even in Ohio
Loan $176,000, closing costs ≈ $5,280 (3%). If a refinance cuts your payment by $250/month, break-even ≈ 21 months. Use the calculator above with your actual rates and balance.
Quick reference
- State income tax: 2.75-3.5% across 2 brackets
- State sales tax: 5.75% (plus 1.49% avg local)
- Median home value: $220,000
- Median household income: $67,769
- Effective property tax rate: 1.59%
- Avg auto insurance: $1,023/yr
Frequently Asked Questions
Is it worth refinancing in Ohio?
It depends on your break-even: closing costs divided by monthly savings. If you'll keep the home past break-even, refinancing usually pays off.
What are typical closing costs in Ohio?
Refinance closing costs generally run 2-5% of the loan, or roughly $5,280 on a median Ohio loan.