Ohio Mortgage Calculator: Estimate Your Monthly Payment
Updated: January 18, 2024
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In Ohio, people benefit from urban developments and opportunities brought about by several Fortune 500 companies. It is the seventh safest state in the United States. All these characteristics make Ohio a pleasant state for its residents.
In Ohio, the average mortgage payment in this state is $136 cheaper than the national average. On average, homeowners pay $1,023 per month on their mortgages. However, your monthly mortgage payment depends on many factors, such as your financial situation and the state’s regulations.
MoneyGeek’s Ohio mortgage calculator helps you get an estimate based on your preferences. Using our mortgage calculator, you can control the factors that affect your monthly payments. As a result, you may find ways to reduce your monthly payments or evaluate the affordability of a mortgage.
Start Here: Plug In Your Mortgage Factors
MoneyGeek’s Ohio mortgage calculator gives you a comprehensive estimate of your monthly mortgage payment by considering 12 factors. We have included a breakdown below to familiarize you with these factors.
Why and How to Use Our Mortgage Calculator
When purchasing a home, it’s wise to have enough information to be prepared for its effect on your finances. Generally, taking out a large loan affects your monthly expenses and could mean you need to make adjustments to your budget.
Our mortgage calculator can help you adjust your budget by giving you a more personalized estimate of your costs. It’s a comprehensive way to compute your loan by including several factors that affect your payments. These factors include interest rates, taxes, HOA fees and down payment.
MoneyGeek’s Ohio mortgage calculator allows you to tailor your estimate using Ohio’s average rates and prices. This way, you’ll be equipped with a state-specific estimate when purchasing a house. The following can affect your monthly mortgage payment:
Home Price:
Add the price of the house you’re planning to buy. If you don’t have the exact price, you can input the median home price in Ohio ($142,600). To add the amount, click “Enter a loan amount.”
Down Payment:
You can input the amount in dollars or percentages. The minimum down payment in Ohio is 3%.
Interest Rate:
Loans have different interest rates but you can check daily mortgage rates to get an up-to-date estimate.
Loan Terms:
Choose from 10, 15, 20 and 30 years to factor in the length of time it will take to repay your loan.
Payments per Year:
To get the monthly payment amount, input the number 12.
Property Tax:
You can input annual property tax or local tax rate. The annual property tax in Ohio is $3,390, and the real estate tax rate is 1.56%.
HOA Fees:
Homeowners association (HOA) fees may apply depending on your property's neighborhood. You can enter this annually or monthly.
Principal & Interest:
The principal is the payment that goes to the original amount you borrowed. Interest is your payment to the lender for letting you borrow money.
Monthly Payment:
This amount is the sum of all the factors entered into the calculator, broken down into monthly installations.
Principal Payment:
The principal payment is the amount that directly pays off your balance.
Interest Payment:
The interest payment is paid before the principal amount. It decreases as you approach paying off your loan.
Total Cost with Interest:
This amount is the sum of the payment for the principal and the total interest you have paid.
If you want to have fewer housing expenses, you can try these tips to lower your monthly payment:
- Consider other locations. Other states may have lower home prices than Ohio. For example, West Virginia has a median home value of $99,000, while Ohio’s median cost is $142,600.
- Extend your loan terms. Your monthly payment will decrease by dividing the loan amount across more months. However, you’ll have to pay for the loan for a longer time.
- Pay a higher down payment. The down payment will reduce the amount of money you need to borrow. You’ll have a lower principal and smaller interest payment as a result.
Next Steps: What to Do After You Have Estimated Your Mortgage Payments
In-depth research is a wise move before purchasing a house. To help you with this process, MoneyGeek offers some resources:
- Shop & Compare Rates - It’s smart to compare and analyze mortgage rates from different lenders. Check out the different mortgage rates in Ohio to find the best loan for you.
- Not Ready to Buy? - Renting and buying a house come with different levels of responsibility. Understand what renting or buying means for your finances to make the right decision.
- Learn More - The more you understand your needs, the easier it is to decide which option is best for you. Learn more about FHA loans, VA home loans and reverse mortgages to see what they offer.
Frequently Asked Questions About Mortgages in Ohio
The amount of the loan you can afford depends on you, but lenders often consider your debt-to-income ratio when you apply for a loan.
The average outstanding mortgage amount in Ohio is $122,939.
You can pay 5% or less of the home’s price as a down payment. Some government-supported mortgages don’t require a down payment.
Private mortgage insurance (PMI) is typically required when your down payment does not equal 20%. PMI can be terminated under certain circumstances.
The average annual property tax in Ohio is $3,390.
The average monthly mortgage payment in Ohio is $1,023.
The median home price in Ohio is $142,600.