Quick answer
The median home in Cleveland costs $185K. With 20% down ($37K) at 7% for 30 years, the monthly payment is $985/month. Total interest paid over 30 years: $206,473.
Calculator · OH · 2026
Mortgage Calculator for Cleveland, OH (2026)
Pre-filled with Cleveland's median home price of $185K. Compare payments across down payment sizes and loan terms at the current 7.0% baseline rate.
Last updated: April 23, 2026
Cleveland Mortgage Payment Scenarios
Median home price: $185K · Interest rate: 7% · Excludes property taxes and insurance.
| Down Payment | Down ($) | Loan Amount | 30-yr/mo | 15-yr/mo | Total Interest (30yr) |
|---|---|---|---|---|---|
| 5% | $9,250 | $175,750 | $1,169 | $1,580 | $245,187 |
| 10% | $18,500 | $166,500 | $1,108 | $1,497 | $232,282 |
| 20% | $37,000 | $148,000 | $985 | $1,330 | $206,473 |
PMI required for <20% down — add ~$100–300/month to payments above.
Rent vs Buy in Cleveland
Monthly cost comparison based on median prices — 20% down, 30-year mortgage at 7%.
Buying (median home)
+ builds equity in $185K asset
Renting (2-bedroom)
Flexibility to move; no equity built
Amortization Over Time
$185K home · 20% down ($148K loan) · 7% · 30 years
Year 1
Year 15
Year 30 (Final)
Frequently Asked Questions
What is the monthly mortgage payment for a home in Cleveland?
The median home price in Cleveland is $185K. With 20% down and a 30-year loan at 7%, the monthly payment is $985. Adding estimated property taxes and insurance brings total monthly costs to approximately $1,170.
Is it cheaper to rent or buy in Cleveland?
A 2-bedroom rental in Cleveland averages $1,320/month. Buying the median $185K home with 20% down costs approximately $1,170/month (mortgage + taxes + insurance) — $150 less than renting. However, buying builds equity while renting does not.
How much do I need to earn to buy a home in Cleveland?
Using the 28% housing rule, you need at least $42K–50K in annual gross income to comfortably afford the median $185K home in Cleveland with 20% down. You also need $37K+ saved for the down payment plus 2–5% in closing costs.
What are property taxes like in Cleveland?
OH has a state income tax rate of Up to 3.99%. Property taxes vary by county but on a $185K home, expect $154–$308/month in property taxes (1–2% annual rate). This is in addition to your mortgage payment.