Indiana mortgage calculator

This mortgage calculator will help you estimate the costs of your mortgage loan. Get a clear breakdown of your potential mortgage payments with taxes and insurance included.
Indiana housing market
Homes in Indiana, the Hoosier State, are among the most affordable in the U.S. Indianans only spend ~17% of their incomes on homes, which is meaningfully less than the national average spend. Indiana's enviable affordability is driven by low home prices compared to national averages. Indiana has seen home prices accelerate in recent years, although the increase has been at a slower rate than national averages. The housing market is particularly hot in Hamilton County, where Indianapolis suburbs like Carmel are very desirable places to live.
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30 year fixed loan term
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Total principal: $240,000
Loan Term
30-year fixed
Your Input
15-year fixed30-year fixed
Total Monthly Payment$2,000$2,449$2,000
Mortgage Rate6.796%5.909%*6.796%*
Total interest paid$323,033$122,426$323,033
* Data source: ©Zillow, Inc. 2006 - 2024. Use is subject to the Terms of Use
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30 year fixed loan term

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Indiana mortgage and refinance rates today (APR)

ProductInterest rateAPR
30-year fixed-rate6.803%6.865%
20-year fixed-rate6.420%6.504%
15-year fixed-rate5.797%5.900%
10-year fixed-rate6.022%6.173%
7-year ARM6.854%7.525%
5-year ARM6.729%7.665%
30-year fixed-rate FHA5.821%6.633%
30-year fixed-rate VA5.856%6.230%

Data source: ©Zillow, Inc. 2006 – 2021. Use is subject to the Terms of Use

Today's rate

30-year fixed

Today’s mortgage rates in Indiana are 6.865% for a 30-year fixed, 5.900% for a 15-year fixed, and 7.665% for a 5-year adjustable-rate mortgage (ARM).

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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.

Affordable Home

State program
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Low mortgage rates
What you need to knowAffordable Home provides below-market interest rates on FHA loans for low- to moderate-income home buyers who have...

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Indiana's best mortgage lenders

NerdWallet has done the work for you to pick the best financing partner for you in Indiana.

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Average property tax in Indiana counties

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.

CountyAvg. property tax rateAvg. home value
Adams County0.85%$118,900
Allen County0.87%$133,100
Bartholomew County0.81%$148,500
Benton County0.77%$84,900
Blackford County0.7%$68,500
Boone County0.96%$221,600
Brown County0.5%$174,800
Carroll County0.7%$124,100
Cass County0.77%$84,100
Clark County0.84%$137,200
Clay County0.52%$96,000
Clinton County0.74%$103,700
Crawford County0.77%$86,700
Daviess County0.66%$115,400
Dearborn County0.82%$160,800
Decatur County0.67%$121,800
DeKalb County0.78%$113,600
Delaware County0.89%$92,100
Dubois County0.81%$146,000
Elkhart County0.9%$143,900
Fayette County0.75%$81,400
Floyd County0.77%$170,700
Fountain County0.67%$93,500
Franklin County0.67%$152,200
Fulton County0.54%$93,600
Gibson County0.83%$105,700
Grant County0.65%$99,600
Greene County0.76%$95,900
Hamilton County0.97%$266,500
Hancock County0.91%$160,500
Harrison County0.65%$136,400
Hendricks County0.99%$186,700
Henry County0.78%$94,800
Howard County0.7%$98,500
Huntington County0.74%$102,700
Jackson County0.6%$114,600
Jasper County0.55%$153,200
Jay County0.57%$85,000
Jefferson County0.67%$120,000
Jennings County0.79%$99,900
Johnson County0.89%$164,700
Knox County0.82%$87,200
Kosciusko County0.67%$154,900
LaGrange County0.59%$172,500
Lake County1.19%$147,200
LaPorte County0.94%$131,300
Lawrence County0.78%$109,200
Madison County0.95%$94,200
Marion County0.99%$137,400
Marshall County0.74%$130,100
Martin County0.51%$97,900
Miami County0.55%$85,500
Monroe County0.77%$171,800
Montgomery County0.51%$118,400
Morgan County0.5%$163,600
Newton County0.83%$112,500
Noble County0.72%$114,500
Ohio County0.59%$142,400
Orange County0.63%$90,400
Owen County0.85%$110,200
Parke County0.6%$86,700
Perry County0.77%$103,000
Pike County0.74%$89,300
Porter County0.91%$189,800
Posey County0.73%$138,800
Pulaski County0.51%$92,600
Putnam County0.67%$120,300
Randolph County0.74%$79,500
Ripley County0.65%$139,500
Rush County0.77%$100,000
Scott County0.89%$98,800
Shelby County0.73%$125,300
Spencer County0.69%$117,900
Starke County0.81%$101,600
Steuben County0.64%$136,300
St. Joseph County0.95%$126,600
Sullivan County0.67%$80,900
Switzerland County0.53%$114,300
Tippecanoe County0.76%$149,800
Tipton County0.67%$110,300
Union County0.79%$109,900
Vanderburgh County0.91%$131,700
Vermillion County0.79%$74,600
Vigo County0.92%$93,900
Wabash County0.49%$96,700
Warren County0.71%$112,500
Warrick County0.78%$158,100
Washington County0.76%$106,200
Wayne County0.89%$105,900
Wells County0.59%$121,000
White County0.65%$105,800
Whitley County0.73%$131,600

Source: American Communities Survey 2016, U.S. Census

How to calculate a mortgage payment

Under "Home price," enter the price (if you're buying) or the current value (if you're refinancing). NerdWallet also has a refinancing calculator.

Under "Down payment," enter the amount of your down payment (if you’re buying) or the amount of equity you have (if refinancing). A down payment is the cash you pay upfront for a home, and home equity is the value of the home, minus what you owe.

On desktop, under "Interest rate" (to the right), enter the rate. Under "Loan term," click the plus and minus signs to adjust the length of the mortgage in years.

On mobile devices, tap "Refine Results" to find the field to enter the rate and use the plus and minus signs to select the "Loan term."

You may enter your own figures for property taxes, homeowners insurance and homeowners association fees, if you don’t wish to use NerdWallet’s estimates. Edit these figures by clicking on the amount currently displayed.

The mortgage calculator lets you click "Compare common loan types" to view a comparison of different loan terms. Click "Amortization" to see how the principal balance, principal paid (equity) and total interest paid change year by year. On mobile devices, scroll down to see "Amortization."

Formula for calculating a mortgage payment

The mortgage payment calculation looks like this: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

The variables are as follows:

  • M = monthly mortgage payment

  • P = the principal amount

  • i = your monthly interest rate. Your lender likely lists interest rates as an annual figure, so you’ll need to divide by 12, for each month of the year. So, if your rate is 5%, then the monthly rate will look like this: 0.05/12 = 0.004167.

  • n = the number of payments over the life of the loan. If you take out a 30-year fixed rate mortgage, this means: n = 30 years x 12 months per year, or 360 payments.

How a mortgage calculator helps you

Determining what your monthly house payment will be is an important part of figuring out how much house you can afford. That monthly payment is likely to be the biggest part of your cost of living.

Using NerdWallet’s mortgage calculator lets you estimate your mortgage payment when you buy a home or refinance. You can change loan details in the calculator to run scenarios. The calculator can help you decide:

  • The home loan term length that’s right for you. 30-year fixed-rate mortgage lower your monthly payment, but you’ll pay more interest over the life of the loan. A 15-year fixed-rate mortgage reduce the total interest you'll pay, but your monthly payment will be higher. c

  • If an ARM is a good option. Adjustable-rate mortgages start with a "teaser" interest rate, and then the loan rate changes — higher or lower — over time. A 5/1 ARM can be a good choice, particularly if you plan on being in a home for just a few years. You’ll want to be aware of how much your monthly mortgage payment can change when the introductory rate expires, especially if interest rates are trending higher.

  • If you’re buying too much home. The mortgage payment calculator can give you a reality check on how much you can expect to pay each month, especially when considering all the costs, including taxes, insurance and private mortgage insurance.

  • If you’re putting enough money down. With minimum down payments commonly as low as 3%, it's easier than ever to put just a little money down. The mortgage payment calculator can help you decide what the best down payment may be for you.

How lenders decide how much you can afford to borrow

Mortgage lenders are required to assess your ability to repay the amount you want to borrow. A lot of factors go into that assessment, and the main one is debt-to-income ratio.

Your debt-to-income ratio is the percentage of pretax income that goes toward monthly debt payments, including the mortgage, car payments, student loans, minimum credit card payments and child support. Lenders look most favorably on debt-to-income ratios of 36% or less — or a maximum of $1,800 a month on an income of $5,000 a month before taxes.

Typical costs included in a mortgage payment

If your mortgage payment included just principal and interest, you could use a bare-bones mortgage calculator. But most mortgage payments include other charges as well. Here are the key components of the monthly mortgage payment:

  • Principal: This is the amount you borrow. Each mortgage payment reduces the principal you owe.

  • Interest: What the lender charges you to lend you the money. Interest rates are expressed as an annual percentage.

  • Property taxes: The annual tax assessed by a government authority on your home and land. You pay about one-twelfth of your annual tax bill with each mortgage payment, and the servicer saves them in an escrow account. When the taxes are due, the loan servicer pays them.

  • Homeowners insurance: Your policy covers damage and financial losses from fire, storms, theft, a tree falling on your house and other bad things. As with property taxes, you pay roughly one-twelfth of your annual premium each month, and the servicer pays the bill when it's due.

  • Mortgage insurance: If your down payment is less than 20% of the home’s purchase price, you’ll likely pay mortgage insurance. It protects the lender’s interest in case a borrower defaults on a mortgage. Once the equity in your property increases to 20%, the mortgage insurance is canceled, unless you have an FHA loan backed by the Federal Housing Administration.

Typically, when you belong to a homeowners association, the dues are billed directly, and it's not added to the monthly mortgage payment. Because HOA dues can be easy to forget, they're included in NerdWallet's mortgage calculator.

Reducing monthly mortgage payments

The mortgage calculator lets you test scenarios to see how you can reduce the monthly payments:

  • Extend the term (the number of years it will take to pay off the loan). With a longer term, your payment will be lower but you’ll pay more interest over the years. Review your amortization schedule to see the impact of extending your loan.

  • Buy less house. Taking out a smaller loan means a smaller monthly mortgage payment.

  • Avoid paying PMI. With a down payment of 20% or more, you won’t have to pay private mortgage insurance. Similarly, keeping at least 20% equity in the home lets you avoid PMI when you refinance.

  • Get a lower interest rate. Making a larger down payment can not only let you avoid PMI, but reduce your interest rate, too. That means a lower monthly mortgage payment.

Monthly mortgage payments can go up

Your monthly payment can go up over time if:

  • Property taxes or homeowners insurance premiums rise. These costs are included in most mortgage payments.

  • You incur a late payment fee from your mortgage loan servicer.

  • You have an adjustable-rate mortgage and the rate rises at the adjustment period.