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Our Indiana mortgage calculator enables you to estimate your monthly mortgage payment, including the following:
- Principal and interest
- Taxes
- Insurance
- Private Mortgage Insurance (PMI)
Your monthly payment changes when updating the home price, down payment, interest rate, and loan term.
Housing affordability continues to fluctuate across Indiana. The housing trends vary in the Hoosier State, with larger communities exhibiting higher home prices than smaller, more rural areas. Even within Indianapolis, Fort Wayne, Evansville, the market varies among neighborhoods. Each area will have a slightly different trend such as Marion County, Lake County and Allen County.
We've included the conforming loan amounts and the estimated property tax rates for each county. This is important because mortgage interest rates are significantly different for home loans above the amounts listed. Please check with your loan officer, bank, lender to verify the conforming loan amounts in your county.
County
Property tax rate
Conforming limit
Adams County
0.77%
$548,250
Allen County
0.93%
$548,250
Bartholomew County
0.89%
$548,250
Benton County
0.71%
$548,250
Blackford County
0.86%
$548,250
Boone County
0.93%
$548,250
Brown County
0.52%
$548,250
Carroll County
0.60%
$548,250
Cass County
0.78%
$548,250
Clark County
0.84%
$548,250
Clay County
0.46%
$548,250
Clinton County
0.74%
$548,250
Crawford County
0.97%
$548,250
Daviess County
0.79%
$548,250
Dearborn County
0.84%
$548,250
Decatur County
0.68%
$548,250
DeKalb County
0.76%
$548,250
Delaware County
0.91%
$548,250
Dubois County
0.78%
$548,250
Elkhart County
0.91%
$548,250
Fayette County
0.83%
$548,250
Floyd County
0.80%
$548,250
Fountain County
0.63%
$548,250
Franklin County
0.63%
$548,250
Fulton County
0.58%
$548,250
Gibson County
0.81%
$548,250
Grant County
0.64%
$548,250
Greene County
0.79%
$548,250
Hamilton County
0.97%
$548,250
Hancock County
0.87%
$548,250
Harrison County
0.60%
$548,250
Hendricks County
0.98%
$548,250
Henry County
0.81%
$548,250
Howard County
0.70%
$548,250
Huntington County
0.83%
$548,250
Jackson County
0.62%
$548,250
Jasper County
0.47%
$548,250
Jay County
0.63%
$548,250
Jefferson County
0.73%
$548,250
Jennings County
0.76%
$548,250
Johnson County
0.90%
$548,250
Knox County
0.79%
$548,250
Kosciusko County
0.65%
$548,250
LaGrange County
0.56%
$548,250
Lake County
1.13%
$548,250
LaPorte County
0.92%
$548,250
Lawrence County
0.74%
$548,250
Madison County
0.95%
$548,250
Marion County
1.03%
$548,250
Marshall County
0.71%
$548,250
Martin County
0.56%
$548,250
Miami County
0.51%
$548,250
Monroe County
0.79%
$548,250
Montgomery County
0.41%
$548,250
Morgan County
0.50%
$548,250
Newton County
0.82%
$548,250
Noble County
0.67%
$548,250
Ohio County
0.56%
$548,250
Orange County
0.62%
$548,250
Owen County
0.77%
$548,250
Parke County
0.49%
$548,250
Perry County
0.76%
$548,250
Pike County
0.83%
$548,250
Porter County
0.98%
$548,250
Posey County
0.69%
$548,250
Pulaski County
0.43%
$548,250
Putnam County
0.64%
$548,250
Randolph County
0.84%
$548,250
Ripley County
0.61%
$548,250
Rush County
0.72%
$548,250
St. Joseph County
1.00%
$548,250
Scott County
0.87%
$548,250
Shelby County
0.79%
$548,250
Spencer County
0.63%
$548,250
Starke County
0.71%
$548,250
Steuben County
0.59%
$548,250
Sullivan County
0.65%
$548,250
Switzerland County
0.55%
$548,250
Tippecanoe County
0.75%
$548,250
Tipton County
0.74%
$548,250
Union County
0.77%
$548,250
Vanderburgh County
0.92%
$548,250
Vermillion County
0.79%
$548,250
Vigo County
1.01%
$548,250
Wabash County
0.46%
$548,250
Warren County
0.56%
$548,250
Warrick County
0.73%
$548,250
Washington County
0.67%
$548,250
Wayne County
0.90%
$548,250
Wells County
0.53%
$548,250
White County
0.60%
$548,250
Whitley County
0.77%
$548,250
County
Tax Rate
Limit
Adams County
0.77%
$548,250
Allen County
0.93%
$548,250
Bartholomew County
0.89%
$548,250
Benton County
0.71%
$548,250
Blackford County
0.86%
$548,250
Boone County
0.93%
$548,250
Brown County
0.52%
$548,250
Carroll County
0.60%
$548,250
Cass County
0.78%
$548,250
Clark County
0.84%
$548,250
Clay County
0.46%
$548,250
Clinton County
0.74%
$548,250
Crawford County
0.97%
$548,250
Daviess County
0.79%
$548,250
Dearborn County
0.84%
$548,250
Decatur County
0.68%
$548,250
DeKalb County
0.76%
$548,250
Delaware County
0.91%
$548,250
Dubois County
0.78%
$548,250
Elkhart County
0.91%
$548,250
Fayette County
0.83%
$548,250
Floyd County
0.80%
$548,250
Fountain County
0.63%
$548,250
Franklin County
0.63%
$548,250
Fulton County
0.58%
$548,250
Gibson County
0.81%
$548,250
Grant County
0.64%
$548,250
Greene County
0.79%
$548,250
Hamilton County
0.97%
$548,250
Hancock County
0.87%
$548,250
Harrison County
0.60%
$548,250
Hendricks County
0.98%
$548,250
Henry County
0.81%
$548,250
Howard County
0.70%
$548,250
Huntington County
0.83%
$548,250
Jackson County
0.62%
$548,250
Jasper County
0.47%
$548,250
Jay County
0.63%
$548,250
Jefferson County
0.73%
$548,250
Jennings County
0.76%
$548,250
Johnson County
0.90%
$548,250
Knox County
0.79%
$548,250
Kosciusko County
0.65%
$548,250
LaGrange County
0.56%
$548,250
Lake County
1.13%
$548,250
LaPorte County
0.92%
$548,250
Lawrence County
0.74%
$548,250
Madison County
0.95%
$548,250
Marion County
1.03%
$548,250
Marshall County
0.71%
$548,250
Martin County
0.56%
$548,250
Miami County
0.51%
$548,250
Monroe County
0.79%
$548,250
Montgomery County
0.41%
$548,250
Morgan County
0.50%
$548,250
Newton County
0.82%
$548,250
Noble County
0.67%
$548,250
Ohio County
0.56%
$548,250
Orange County
0.62%
$548,250
Owen County
0.77%
$548,250
Parke County
0.49%
$548,250
Perry County
0.76%
$548,250
Pike County
0.83%
$548,250
Porter County
0.98%
$548,250
Posey County
0.69%
$548,250
Pulaski County
0.43%
$548,250
Putnam County
0.64%
$548,250
Randolph County
0.84%
$548,250
Ripley County
0.61%
$548,250
Rush County
0.72%
$548,250
St. Joseph County
1.00%
$548,250
Scott County
0.87%
$548,250
Shelby County
0.79%
$548,250
Spencer County
0.63%
$548,250
Starke County
0.71%
$548,250
Steuben County
0.59%
$548,250
Sullivan County
0.65%
$548,250
Switzerland County
0.55%
$548,250
Tippecanoe County
0.75%
$548,250
Tipton County
0.74%
$548,250
Union County
0.77%
$548,250
Vanderburgh County
0.92%
$548,250
Vermillion County
0.79%
$548,250
Vigo County
1.01%
$548,250
Wabash County
0.46%
$548,250
Warren County
0.56%
$548,250
Warrick County
0.73%
$548,250
Washington County
0.67%
$548,250
Wayne County
0.90%
$548,250
Wells County
0.53%
$548,250
White County
0.60%
$548,250
Whitley County
0.77%
$548,250
Start the mortgage process today in Indiana
Start the process for either a purchase or refinance mortgage today and have a licensed loan officer in Indiana contact you for a custom quote.
In Indiana how do banks and lenders calculate what mortgage payment I can afford?
In Indiana the general rule of thumb for determining the mortgage amount a borrower can manage is 2 – 2.5 times your monthly GROSS income. For example, someone earning $100k annual can afford a $200k – $250k mortgage. However, this is only a general guideline and there is more to the process. In addition to your gross income, lenders take into consideration two ratios: the “front-end ratio” and the “back-end ratio.” The front-end ratio is your mortgage-to-income ratio, representing the (monthly) amount of your income which you can dedicate to paying your mortgage. The ideal ratio is under 30%–although some lenders will allow you to exceed 40%. The back-end ratio is your debt-to-income (DTI) ratio, or the amount of gross income you must cover your debts (loans for cars, education, and credit cards, for example). Most lenders want to see that number no more than 36% (36% of your income goes to paying debts). Although there are other factors in determining your overall financial “health,” these best represent your ability to pay the mortgage.
In Indiana what are other costs that can increase my mortgage payment?
In Indiana the mortgage payment includes multiple factors, each which can increase (or decrease) the actual mortgage payment. Other than then actual cost of the home, you need to include the following variables:
- Down Payment (the amount of money you pay up front, not borrowed from the lender)
- Interest Expenses (the interest rate, the length of the loan and type—whether a fixed or adjustable interest rate)
- Property Taxes (these vary with the community you are moving into)
- Insurance (homeowner’s insurance rates will depend on your coverage and can fluctuate)
- PMI (some lenders require insurance to protect them should you default on the loan)
- HOA Fees (Some residential communities (especially condominiums and other PUDs) have maintenance fees for shared facilities and amenities offered in the development
In Indiana how do I calculate my mortgage payment?
When considering a new home purchase or whether to refinance your current mortgage, the best place to start is by estimating your monthly payment. You can utilize our free Indiana calculator to get a quick estimate. However, you will need a few numbers available:
Mortgage principal (how much you want to borrow—not necessarily the cost of the property).
Monthly interest rate (the fee you pay the bank to borrow money: check out current mortgage rates). This is usually reflected as an APR (annual percentage rate) and is translated to a monthly rate by dividing the rate by 12 (months).
Number of payments (how long do you want to pay on the mortgage). This is easy with a fixed mortgage, but not with an ARM, where the rate will change on a regular basis.
Property taxes (usually the cost of taxes is added to the mortgage payment & added to an escrow account, where the taxes are paid on your behalf at the end of the year).
Homeowner’s Insurance (since type and coverage vary widely, it is best to contact an agent to get some estimates).
PMI, if required (most lenders require this additional insurance when you put down less than 20% of the purchase price of the property).
Lock your mortgage rate today in Indiana
With a wide variety of financing options, our team of experts can help you find and lock in the best current rate for purchasing your home or refinancing your existing mortgage. Contact us to get started with a Indiana mortgage loan today!
Calculator questions?
In Indiana what is the formula for calculating mortgage payments?
Whether you are a math nerd who aspires to do the math by hand or simply want to understand how Indiana mortgage payments are calculated, the formula looks like this:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Key:
- M = monthly mortgage payment
- P = principal amount
- I = monthly interest rate (usually listed as an annual percentage rate)
- N = number of payments over the life of the loan (360 payments for 30 years, etc)
In Indiana how do I calculate interest with my mortgage payment?
In Indiana if you are obtaining a fixed mortgage, whether it be 30, 15, or even 5 years, you are probably curious to see how much you are paying in interest. One thing to remember is that in the U.S., interest is paid in arrears. So, your monthly payment includes interest for the 30 days BEFORE your due date. Since fixed mortgages are fully amortized installment loans, the amortization schedule shows how the split between principal and interest changes over time. In the early years of the mortgage term, most of your payment will go towards interest. However, as you pay down the principal, less interest will accrue and more of your payment is applied to the principal.
In Indiana what mortgage products will help keep my mortgage payments down?
In Indiana the longer you finance your home for, the lower your monthly payments will be. Conversely, a shorter (or adjustable rate) term usually equates to a lower interest rate. Its important to run the numbers on multiple scenarios to find out what works best for you.
If you already have a mortgage and are looking for an opportunity to lower your current monthly payments, consider the following:
- Refinance at a lower rate
- Refinance to a longer term
- Eliminate mortgage insurance
- Apply for mortgage forbearance or loan modification (in case of financial hardship)
In Indiana what is an amortization schedule calculator?
In Indiana an Amortization Schedule calculator provides a schedule of how much is paid for each portion of the mortgage payment over time. A mortgage calculator allows you to plug in the mortgage amount, term (number of payments) and the APR (interest rate per year) and determine the total you will pay in principal and interest over the life of the loan.
