Indianapolis, IN Mortgage Calculator
Estimate your monthly mortgage payment in Indianapolis including property taxes, homeowners insurance, PMI, and 2026 loan limits.
Local Home Values & Affordability
A 20% down payment on a median Indianapolis home requires $48,000 in cash — or $8,400 for an FHA-minimum 3.5% down payment. Buyers with less than 20% down will also need to budget for PMI or FHA MIP.
Indianapolis's median home value of $240,000 is close to the national median of $310,000, putting most buyers in the conforming loan range with conventional or FHA options readily available.
Property Tax in This Market
Based on the 1.08% effective rate and a median home value of $240,000, a typical homeowner in Marion County pays approximately $2,592 in annual property taxes — or $216 per month added to their mortgage payment.
Marion County's property tax rate of 1.08% is close to the national average of 1.10%. On a median-priced home of $240,000, expect an annual tax bill of approximately $2,592.
Sources: Tax Foundation 2025
Homeowners Insurance Costs
Homeowners insurance in Marion County runs approximately $1,300/year ($108/month), in line with the national average of $1,600.
Premium quotes in Marion County typically range from $900 to $1,950 per year depending on home age, construction type, coverage limits, and your insurer. Always get multiple quotes.
Sources: NAIC 2024
Loan Limits & Financing Options
A buyer purchasing the median Indianapolis home ($240,000) with FHA's minimum 3.5% down would borrow $231,600 — well within the $541,287 baseline FHA limit for this county. FHA financing is a viable option for most buyers here.
With 20% down on a median-priced home, the loan amount of $192,000 stays $640,750 below the $832,750 conforming limit — giving buyers access to conventional Fannie/Freddie pricing without jumbo underwriting.
All FHA loans require an upfront mortgage insurance premium (UFMIP) of 1.75% of the loan amount, plus an annual MIP of 0.55%–0.75% of the loan balance paid monthly. On a $231,600 FHA loan, expect approximately $106/month in ongoing MIP — added to principal, interest, taxes, and insurance.
Sources: HUD ML 2025-23, FHFA 2026, HUD MIP Rates 2023
Extra Monthly Payment
Estimated Monthly Payment
$1,595
Estimates are for educational purposes only and are not a loan offer or commitment to lend.
Loan Amount: $192,000
LTV: 0.01%
P&I Payment
$1,271
Total Interest
$265,538
over loan life
Payoff
30 yr
Closing Costs
$3,531–$6,591
est. range
Monthly Payment Breakdown
2026 Loan Limit Context
FHA Limit
$541,287
Conforming Limit
$832,750
Amortization Schedule
| Mo. | Payment | Principal | Interest | Balance | Total Interest |
|---|---|---|---|---|---|
| 1 | $1,271 | $159 | $1,112 | $191,841 | $1,112 |
| 2 | $1,271 | $160 | $1,111 | $191,681 | $2,223 |
| 3 | $1,271 | $161 | $1,110 | $191,520 | $3,333 |
| 4 | $1,271 | $162 | $1,109 | $191,359 | $4,442 |
| 5 | $1,271 | $163 | $1,108 | $191,196 | $5,551 |
| 6 | $1,271 | $164 | $1,107 | $191,032 | $6,658 |
| 7 | $1,271 | $165 | $1,106 | $190,868 | $7,764 |
| 8 | $1,271 | $166 | $1,105 | $190,702 | $8,870 |
| 9 | $1,271 | $166 | $1,104 | $190,536 | $9,974 |
| 10 | $1,271 | $167 | $1,104 | $190,369 | $11,078 |
| 11 | $1,271 | $168 | $1,103 | $190,200 | $12,180 |
| 12 | $1,271 | $169 | $1,102 | $190,031 | $13,282 |
2026 Loan Limits — Marion County, IN
| Limit Type | 2026 Limit | Note |
|---|---|---|
| FHA Loan Limit (1-unit) | $524,225 | Max loan for FHA-insured mortgage |
| Conforming Loan Limit (1-unit) | $806,500 | Fannie Mae / Freddie Mac eligible |
Source: HUD / FHFA. Data as of 2025-01-15.
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