Calculated payments and savings are estimates. The calculator result does not constitute an offer for a loan and will not solicit a loan offer. Savings will depend on the actual amounts and rate for which you are approved, should you choose to apply.
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Taking Out a Mortgage in Indiana
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Last updated November 19, 2025
Real estate markets can vary dramatically by location, which is why national housing averages don’t always reflect what buyers actually pay. Housing costs are just one part of affordability, and tools like a cost of living calculator can help show how factors such as taxes, utilities, and everyday expenses differ from place to place.
Mortgage costs in Indiana vary significantly depending on where you buy. In Marion County, home to Indianapolis, the typical monthly mortgage payment for a median-priced home was $1,532 in Q1 2025, based on a median home value of $261,386, according to the National Association of Realtors. By comparison, the national median monthly payment was $2,120 for a median-priced single-family home valued at $402,300.
Hamilton County, just north of Marion County, is pricier, reflecting the strong demand for Indianapolis’s northern suburbs, which are widely considered some of the most desirable places to live in the state. There, the typical monthly mortgage payment reached $2,694 for a median-priced home valued at $459,698.
Today's mortgage rates in Alabama are 7.500% for a 30-year fixed, 6.619% for a 15-year fixed, and 6.824% for a 5-year adjustable-rate mortgage (ARM).
Indiana's first-time home buyer programs
The Indiana Housing and Community Development Authority, or IHCDA, offers several loan programs to help qualified first-time home buyers get a mortgage.
Taking U.S. Census data, NerdWallet has crunched the numbers to help you understand what property tax rate you can expect to pay on your future home in Indiana. Because assessed values aren't frequently updated, you may pay a higher rate at first but eventually you'll pay a similar rate.
County
Avg. property tax rate
Median home value
Adams County
0.67%
$164,500
Allen County
0.80%
$200,100
Bartholomew County
0.72%
$207,800
Benton County
0.72%
$122,600
Blackford County
0.86%
$90,200
Boone County
0.86%
$359,100
Brown County
0.49%
$227,600
Carroll County
0.55%
$152,900
Cass County
0.73%
$110,600
Clark County
0.73%
$219,000
Clay County
0.50%
$130,000
Clinton County
0.65%
$140,100
Crawford County
0.64%
$105,500
Daviess County
0.74%
$174,000
Dearborn County
0.73%
$210,800
Decatur County
0.58%
$174,400
DeKalb County
0.63%
$157,700
Delaware County
0.85%
$135,800
Dubois County
0.72%
$187,000
Elkhart County
0.82%
$200,400
Fayette County
0.68%
$99,100
Floyd County
0.68%
$246,700
Fountain County
0.59%
$123,400
Franklin County
0.59%
$200,700
Fulton County
0.57%
$143,400
Gibson County
0.67%
$159,700
Grant County
0.65%
$115,400
Greene County
0.71%
$116,400
Hamilton County
0.90%
$388,100
Hancock County
0.72%
$273,900
Harrison County
0.58%
$202,900
Hendricks County
0.84%
$286,700
Henry County
0.74%
$124,900
Howard County
0.70%
$158,300
Huntington County
0.75%
$134,000
Jackson County
0.57%
$161,300
Jasper County
0.51%
$190,700
Jay County
0.57%
$101,500
Jefferson County
0.66%
$168,100
Jennings County
0.65%
$133,200
Johnson County
0.73%
$282,300
Knox County
0.75%
$122,100
Kosciusko County
0.62%
$210,700
LaGrange County
0.50%
$230,300
Lake County
1.00%
$225,200
LaPorte County
0.81%
$181,500
Lawrence County
0.67%
$146,700
Madison County
0.75%
$156,900
Marion County
0.90%
$216,800
Marshall County
0.66%
$170,800
Martin County
0.58%
$142,400
Miami County
0.46%
$112,800
Monroe County
0.71%
$273,900
Montgomery County
0.60%
$156,400
Morgan County
0.50%
$228,900
Newton County
0.83%
$147,900
Noble County
0.66%
$168,100
Ohio County
0.66%
$189,600
Orange County
0.68%
$125,100
Owen County
0.68%
$151,400
Parke County
0.46%
$121,500
Perry County
0.63%
$136,700
Pike County
0.81%
$127,000
Porter County
0.85%
$266,900
Posey County
0.53%
$200,900
Pulaski County
0.56%
$131,500
Putnam County
0.44%
$175,600
Randolph County
0.78%
$97,600
Ripley County
0.57%
$188,400
Rush County
0.62%
$147,200
Scott County
0.66%
$137,200
Shelby County
0.67%
$170,000
Spencer County
0.59%
$168,200
St. Joseph County
0.88%
$187,400
Starke County
0.65%
$145,600
Steuben County
0.60%
$187,500
Sullivan County
0.63%
$115,200
Switzerland County
0.49%
$162,000
Tippecanoe County
0.66%
$221,100
Tipton County
0.66%
$150,700
Union County
0.76%
$149,500
Vanderburgh County
0.85%
$165,800
Vermillion County
0.77%
$99,400
Vigo County
0.85%
$145,900
Wabash County
0.49%
$135,800
Warren County
0.56%
$151,400
Warrick County
0.66%
$250,400
Washington County
0.61%
$158,200
Wayne County
0.82%
$134,000
Wells County
0.46%
$161,300
White County
0.55%
$153,200
Whitley County
0.73%
$189,800
Source: American Communities Survey 2022, U.S. Census
How to use the mortgage calculator
To use our mortgage calculator, add your details to the following fields:
1. Home price: What you're hoping to spend on a home.
2. ZIP code: The home's location.
3. Down payment: How much cash you're paying up front toward the home's price.This calculator defaults to showing a 20% down payment, but you can adjust it up or down by changing the dollar amount or the percentage. This calculator assumes you're using a conventional loan, so it will automatically add private mortgage insurance (PMI) if the down payment amount is less than 20%.
4. Loan term: The default is 30 years, but you can also choose a shorter term.
5. Interest rate: Use today's average APR, enter the rate you've been quoted or use the lowest APR NerdWallet partners are offering today.
That's the least you can do. To get more accurate results, fill in the following four categories. (Estimates are fine, but this goes over how to get more specific numbers.)
6. Property taxes (per year): This is autofilled with an estimate, but property taxes vary tremendously throughout the country. Get more precise by looking up the tax rate where you're planning to buy or looking at the tax history for the home you're interested in. You can change the property tax amount by editing the dollar amount or the percentage.
7. Homeowners insurance (per year): Mortgage lenders require borrowers to have homeowners insurance. Not sure what you might pay? This calculator puts in an estimate, but you can use NerdWallet's home insurance calculator to fine-tune it. All you need to know is the property location and the rough amount you'd be looking to insure — use the home's price as a proxy.
8. HOA fees: If the home is part of a homeowners association, put the monthly dues here. (The calculator default is no HOA costs.) This is also information you can likely crib from a home's listing. One other note — if there are HOA fees but you're going to pay them directly rather than with an escrow account, you can omit them here.
9. PMI (monthly): If you've entered a down payment amount under 20%, this will autofill, since the calculator assumes you're using a conventional loan. PMI is tied to your credit score, so if you want a more accurate figure, pop over to NerdWallet's PMI calculator. If you're using a VA loan, you can zero this out, since VA loans do not require mortgage insurance. On the other hand, if you're getting an FHA loan, you'll have to pay mortgage insurance premiums regardless of your down payment amount. For more accurate payment info, use our FHA mortgage calculator.
The calculator's results will update as you adjust the numbers in these fields. The results show you the monthly payment, as well as:
Loan amount: How much you're actually borrowing in principal.
Total interest paid: How much interest you will pay over the life of the mortgage if you keep it until its term ends. (Most people sell or refinance well before that point, but it's still interesting info.)
Payoff date: If you kept the same loan for its entire term, here's the month and year when you'd own the home free and clear.
There's also a simple annual amortization schedule. Amortization shows how your mortgage payment changes over time. Even though the principal and interest payment doesn't change with a fixed-rate mortgage, the percentage of that payment that's going toward each component does. At the beginning of the loan, more goes toward interest; the closer to the end of the loan's term, the more of the payment goes toward principal. If you want a more detailed month-by-month look, yes, NerdWallet has an amortization calculator, too.
CONSIDERING A REFI? If you're looking to see how much you could save by refinancing your mortgage, try NerdWallet's refinance calculator.
