Ohio Mortgage Calculator
Estimate your monthly mortgage payment in Ohio with state-specific property tax, insurance, and homestead data pre-loaded. Median home value in Ohio is $235,000 with an effective property tax rate of 1.59%.
Mortgage Calculator
Estimate your monthly payment including taxes, insurance, and PMI.
Optional
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
Year 1 | $14,259.48 | $2,101.35 | $12,158.13 | $185,898.65 |
| 1 | $1,188.29 | $169.96 | $1,018.33 | $187,830.04 |
| 2 | $1,188.29 | $170.88 | $1,017.41 | $187,659.16 |
| 3 | $1,188.29 | $171.80 | $1,016.49 | $187,487.36 |
| 4 | $1,188.29 | $172.73 | $1,015.56 | $187,314.63 |
| 5 | $1,188.29 | $173.67 | $1,014.62 | $187,140.96 |
| 6 | $1,188.29 | $174.61 | $1,013.68 | $186,966.35 |
| 7 | $1,188.29 | $175.56 | $1,012.73 | $186,790.79 |
| 8 | $1,188.29 | $176.51 | $1,011.78 | $186,614.28 |
| 9 | $1,188.29 | $177.46 | $1,010.83 | $186,436.82 |
| 10 | $1,188.29 | $178.42 | $1,009.87 | $186,258.40 |
| 11 | $1,188.29 | $179.39 | $1,008.90 | $186,079.01 |
| 12 | $1,188.29 | $180.36 | $1,007.93 | $185,898.65 |
Year 2 | $14,259.48 | $2,242.07 | $12,017.41 | $183,656.58 |
Year 3 | $14,259.48 | $2,392.23 | $11,867.25 | $181,264.35 |
Year 4 | $14,259.48 | $2,552.44 | $11,707.04 | $178,711.91 |
Year 5 | $14,259.48 | $2,723.40 | $11,536.08 | $175,988.51 |
What is a Mortgage Calculator?
A mortgage calculator helps you estimate your total monthly housing payment, including principal, interest, property taxes, home insurance, and private mortgage insurance (PMI). This gives you a complete picture of what homeownership will cost each month.
Unlike a simple loan calculator, a mortgage calculator accounts for additional costs that come with buying a home. Property taxes and insurance are typically required by lenders to be included in your monthly payment through an escrow account.
All calculations happen in your browser. No financial data is sent to any server, so your information stays completely private.
Ohio Housing Snapshot
| Median Home Value | $235,000 |
| Effective Property Tax Rate | 1.59% |
| Estimated Annual Property Tax | $3,737 |
| State Income Tax | Up to 3.5% (simplified to two brackets in 2024) |
| Homestead Exemption | $25,000 for seniors (65+) or disabled meeting income limits |
| Avg Homeowners Insurance | $1,175/yr |
| Transfer & Recording Taxes | Real Property Conveyance Fee $1.00 per $1,000 plus county fees up to $3.00 per $1,000 |
What Makes Buying in Ohio Different
Ohio's housing market is highly bimodal. Columbus has become the state's growth story with a $285,000 median and rising, driven by Intel's massive semiconductor fab investment, Honda EV expansion, and strong corporate headquarters base. Cleveland, Toledo, and Akron remain among the most affordable major metros in the US with medians under $150,000, reflecting decades of population decline now stabilizing. The effective property tax rate is on the high side at 1.59%, with Cuyahoga County (Cleveland) and Lucas County (Toledo) averaging above 2%. Ohio simplified its state income tax to two brackets in 2024 with a top rate of 3.5%, much lower than previously. The Homestead Exemption removes $25,000 in assessed value for homeowners aged 65 or older or totally disabled with income under $38,600. The Real Property Conveyance Fee is $1.00 per $1,000 (state) plus up to $3.00 per $1,000 county portion, paid by the seller. Insurance is reasonable at $1,175 per year.
Top Cities in Ohio
| City | Median Home Value |
|---|---|
| Columbus | $285,000 |
| Cleveland | $115,000 |
| Cincinnati | $245,000 |
| Toledo | $125,000 |
| Akron | $135,000 |
Columbus is benefiting from Intel's $20 billion semiconductor fabrication investment in nearby Licking County, Honda's EV manufacturing expansion, Amazon and Meta data center investments, and a strong Fortune 500 headquarters base (Nationwide, Cardinal Health, AEP). The metro is also affordable relative to coastal tech hubs, drawing remote workers and corporate relocations. Median home value rose from approximately $200,000 in 2019 to $285,000 today.
The Homestead Exemption removes $25,000 of market value from the assessed value of a primary residence for homeowners aged 65 or older or totally disabled, with adjusted gross income under $38,600 (Ohio AGI). Apply once through your county auditor; the exemption stays in place as long as you remain in the home and meet eligibility. Disabled veterans qualify for an enhanced $50,000 exemption regardless of income.
Both cities have median home values under $150,000, far below the national average. They represent good value for owner-occupants planning to stay long-term but have produced flat-to-negative appreciation over 20-year periods. Specific neighborhoods (Tremont, Ohio City in Cleveland) have seen strong appreciation, while others continue to decline. Buyer due diligence on neighborhood trends is critical.
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Mortgage Calculator
Estimate monthly mortgage payments including taxes, insurance, and PMI.