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Mortgage Calculator — Indianapolis, IN
Median home price in Indianapolis: $255,000. Monthly payment: $1,357/month (20% down, 7%, 30yr). Property tax rate: 0.85%.
= $51,000
Monthly Payment
$1,357
Loan Amount
$204,000
Total Interest
$284,598
Total Cost
$539,598
Payment Breakdown
Down Payment$51,000 (9.5%)
Principal$204,000 (37.8%)
Total Interest$284,598 (52.7%)
Indianapolis Mortgage Payments by Rate
| Rate | 15-Year | 30-Year | Total Interest (30yr) |
|---|---|---|---|
| 5.5% | $1,667 | $1,158 | $212,984 |
| 6% | $1,721 | $1,223 | $236,310 |
| 6.5% | $1,777 | $1,289 | $260,191 |
| 6.75% | $1,805 | $1,323 | $272,330 |
| 7% | $1,834 | $1,357 | $284,598 |
| 7.25% | $1,862 | $1,392 | $296,990 |
| 7.5% | $1,891 | $1,426 | $309,503 |
| 8% | $1,950 | $1,497 | $334,877 |
Indianapolis Property Tax & Total Housing Cost
Property Tax Rate
0.85%
$2,168/year
Monthly P&I
$1,357
20% down, 7%, 30yr
Est. Total Monthly
$1,538
P&I + property tax
Affordability in Indianapolis
10% down ($25,500)$73,178/yr needed
15% down ($38,250)$69,543/yr needed
20% down ($51,000)$65,908/yr needed
25% down ($63,750)$62,272/yr needed
Based on 28% housing cost rule. Includes property tax.