Quick answer
The median home in Indianapolis costs $240K. With 20% down ($48K) at 7% for 30 years, the monthly payment is $1,277/month. Total interest paid over 30 years: $267,857.
Calculator · IN · 2026
Mortgage Calculator for Indianapolis, IN (2026)
Pre-filled with Indianapolis's median home price of $240K. Compare payments across down payment sizes and loan terms at the current 7.0% baseline rate.
Last updated: April 23, 2026
Indianapolis Mortgage Payment Scenarios
Median home price: $240K · Interest rate: 7% · Excludes property taxes and insurance.
| Down Payment | Down ($) | Loan Amount | 30-yr/mo | 15-yr/mo | Total Interest (30yr) |
|---|---|---|---|---|---|
| 5% | $12,000 | $228,000 | $1,517 | $2,049 | $318,080 |
| 10% | $24,000 | $216,000 | $1,437 | $1,941 | $301,339 |
| 20% | $48,000 | $192,000 | $1,277 | $1,726 | $267,857 |
PMI required for <20% down — add ~$100–300/month to payments above.
Rent vs Buy in Indianapolis
Monthly cost comparison based on median prices — 20% down, 30-year mortgage at 7%.
Buying (median home)
+ builds equity in $240K asset
Renting (2-bedroom)
Flexibility to move; no equity built
Amortization Over Time
$240K home · 20% down ($192K loan) · 7% · 30 years
Year 1
Year 15
Year 30 (Final)
Frequently Asked Questions
What is the monthly mortgage payment for a home in Indianapolis?
The median home price in Indianapolis is $240K. With 20% down and a 30-year loan at 7%, the monthly payment is $1,277. Adding estimated property taxes and insurance brings total monthly costs to approximately $1,517.
Is it cheaper to rent or buy in Indianapolis?
A 2-bedroom rental in Indianapolis averages $1,320/month. Buying the median $240K home with 20% down costs approximately $1,517/month (mortgage + taxes + insurance) — $197 more than renting. However, buying builds equity while renting does not.
How much do I need to earn to buy a home in Indianapolis?
Using the 28% housing rule, you need at least $55K–65K in annual gross income to comfortably afford the median $240K home in Indianapolis with 20% down. You also need $48K+ saved for the down payment plus 2–5% in closing costs.
What are property taxes like in Indianapolis?
IN has a state income tax rate of 3.05%. Property taxes vary by county but on a $240K home, expect $200–$400/month in property taxes (1–2% annual rate). This is in addition to your mortgage payment.