Indiana has approximately 6.8 million people, and about 72.7% of Indiana residents are homeowners as of 2020.
In addition, Indiana has the second-lowest average monthly mortgage payment in the country, at $980. With an average monthly household income of $5,993, homeowners in Indiana spend $179 less than the national average.
Using the MoneyGeek Indiana mortgage calculator is one of the best ways to get your mortgage estimate. MoneyGeek's mortgage calculator allows you to put in specific details about your home loan so that you can view, estimate and compare monthly payments under various scenarios. While the results from this calculator are estimates, they can give you an idea of whether you can afford the monthly payments or not.
Start Here: Plug In Your Mortgage Factors
The Indiana mortgage calculator from MoneyGeek will provide you with an estimate of your monthly mortgage payment. MoneyGeek lays out these key variables impacting your mortgage below.
Indiana Mortgage Calculator
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Why and How to Use Our Mortgage Calculator
Mortgage lenders offer various loan programs to fit your situation. Many people find that one of three popular fixed-rate mortgages, including the 30-year, 15-year and 7/1 adjustable-rate mortgages (ARM), provides them with a flexible financing option at a reasonable interest rate.
You can enter your financial details into MoneyGeek’s Indiana mortgage calculator to see how much you can expect to pay on any of these mortgage types for any property price in Indiana. You’ll receive a straightforward snapshot of how much you could borrow, what kind of monthly payment you might be looking at and your overall cost.
Enter the highest price you're willing to pay or the loan amount you're searching for.
You can enter the down payment as a monetary sum or percentage. Your loan amount will be calculated using this amount. The higher your down payment, the lower your monthly payment.
Input the loan's APR. Rates are available via MoneyGeek's daily mortgage rates report or from lenders.
Choose the duration of your loan from the drop-down menu. 15 and 30-year loan terms are the most common.
Payments per Year:
The most common payment method is monthly installments, which equate to 12 annual payments.
You may enter a property's tax bill under "Other fees." The average annual property tax in Indiana is $1,853.
You'll have to pay HOA dues if your house is part of a homeowners association community. Enter your annual or monthly dues by choosing the appropriate option.
Principal & Interest:
The principal is the amount you pay back to the lender. To receive a loan, you must pay interest.
The entire monthly payment includes principal and interest. You'll also have to pay property taxes, home insurance and potentially HOA dues.
Your monthly principal payment decreases your mortgage balance. Initially, most of your money goes toward interest charges.
Your monthly mortgage payment includes interest costs. As you pay down your loan debt, this amount decreases.
Total Cost with Interest:
Your total cost comprises principal repayment plus interest paid to the lender.
Paying off your mortgage on time is vital to your financial wellbeing. You can take steps to pay off your mortgage faster and reduce your monthly payments. MoneyGeek’s expert tips will show you how to save on a mortgage payment each month.
- Make extra principal payments when possible. Making additional principal payments can significantly cut down on interest charges over time.
- Find a lower interest rate. A lower interest rate means you’ll pay less interest over time, saving you more money.
- Prepay your property taxes. Depending on where you live, paying property taxes annually or semi-annually could be an option. Doing so may decrease your monthly payment by hundreds of dollars.
- Buy a less expensive house. When you buy a cheaper home, you will find that your housing expenses are lower and your mortgage becomes more affordable.
Next Steps: What to Do After You Have Estimated Your Mortgage Payments
You can start shopping for a loan after knowing how much house you can afford. It can seem overwhelming at first because so many different types of loans are available with varying interest rates and terms. MoneyGeek gathered all the necessary information to help you navigate the homebuying process.
- Shop & Compare Rates - Before taking out a mortgage loan, it is important to compare rates from several lenders. Shop around and compare Indiana mortgage rates from at least three lenders before choosing one.
- Not Ready to Buy? - If you are not sure if you should rent or buy a house, it’s best to consider your circumstances and home needs.
- Learn More - To help guide you through the homebuying process, we encourage you to research and weigh the benefits of a reverse loan, FHA loan or VA loan.
Frequently Asked Questions About Mortgages in Indiana
- World Population Review. "Indiana Population 2022." Accessed March 2, 2022.
- FRED. "Homeownership Rate for Indiana (INHOWN)." Accessed March 2, 2022.