Mortgage for Ohio (2026)
Ohio (OH) Key Facts
Median Home Price
$220,000
Average Property Tax Rate
1.56%
Average Home Insurance Rate
0.55%
Estimated Monthly Payment
$1,671
First Time Buyer Programs
2
How This Calculator Works in Ohio
This mortgage calculator lets you estimate your monthly payment on a Ohio home by factoring in the purchase price, down payment, interest rate, property taxes, and insurance. It is pre-loaded with Ohio's average property tax rate and insurance costs so you can get a realistic estimate quickly. Adjust the inputs to match your specific situation and see how different scenarios affect your monthly budget.
Ohio Overview
Ohio has a median home price of approximately $210K, with an average property tax rate of 1.56% and homeowners insurance averaging 0.55% annually. Very affordable housing market. OHFA First-Time Homebuyer program and other state programs can help first-time buyers with down payment assistance and competitive mortgage rates.
How Ohio Compares
Compared to neighboring states, Ohio's median home price of $220,000 is below the national median of about $420,000. Nearby Pennsylvania has a median price of $275,000 with a 1.58% property tax rate. Property tax rates vary significantly among neighboring states, which can substantially impact long-term homeownership costs.
| State | Top Rate | Notes |
|---|---|---|
| Pennsylvania | $275,000 | Median home price is $275,000 with a 1.58% property tax rate. Estimated monthly mortgage payment is about $2,093. |
| Indiana | $240,000 | Median home price is $240,000 with a 0.85% property tax rate. Estimated monthly mortgage payment is about $1,691. |
| Michigan | $240,000 | Median home price is $240,000 with a 1.54% property tax rate. Estimated monthly mortgage payment is about $1,839. |
The median home price in Ohio is $220,000, compared to the national median of approximately $420,000. With a 1.56% average property tax rate and 0.55% insurance rate, Ohio homeowners can expect an estimated monthly payment of about $1,671 on a median-priced home with 10% down at 6.75% interest.
Tips for Ohio Residents
- 1Ohio has a median home price around $210K. Very affordable housing market. Research local market conditions as prices vary significantly by city and neighborhood.
- 2Property taxes in Ohio average 1.56%. Always verify your specific county's tax rate, as it directly impacts your monthly payment.
- 3Explore OHFA First-Time Homebuyer program for potential down payment assistance and favorable rates. Ohio also offers OHFA Grants for Grads. Check income limits and eligibility early in your home search.
- 4Transfer tax of ~0.4% at closing; affordable prices make homeownership accessible. Budget 2-5% of the purchase price for closing costs including lender fees, title insurance, and prepaid expenses.
- 5Diverse metro markets from Columbus to Cleveland. A 0.25% rate difference on a $220K home can save thousands over the life of your loan, so shop at least 3-4 lenders before committing.
Frequently Asked Questions
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