Mortgage Calculator in Ohio

Calculate your monthly mortgage payment in Ohio using the 2026 median home price of $225K and current local rates. Adjust the inputs below to match your situation.

Ohio Housing Market at a Glance (2026)

$225K

Median Home Price

6.85%

Avg Mortgage Rate

1.59%

Property Tax Rate

10%

Typical Down Payment

Buying a Home in Ohio: Costs to Know

Average closing costs2.1% of purchase price

On a $225K home, closing costs ≈$4,725

Median household income$62,000/yr

State income tax (top rate)3.99%

First-Time Buyer Programs in Ohio

Ohio offers state-sponsored programs that can reduce your down payment or closing costs:

✓OHFA First-Time Homebuyer
✓Your Choice! Down Payment Assistance

How Mortgage Payments Work in Ohio

A standard mortgage payment in Ohio is calculated using the amortization formula:M = P[r(1+r)^n] / [(1+r)^n - 1]

Where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. On a $225K home in Ohio with a 10% down payment at 6.85% over 30 years, your principal and interest payment comes to approximately $1,327/month— not including property taxes or homeowner's insurance.

Ohio's property tax rate of 1.59% adds roughly $298/month to your total housing cost on a $225K home. This rate is above the national average of ~1.1%, so factor it carefully into your budget.

Ohio vs. National Average

Metric	Ohio	National Avg
Median Home Price	$225,000	$420,000
Property Tax Rate	1.59%	1.07%
Avg Mortgage Rate	6.85%	6.85%
Cost of Living Index	90	100

Frequently Asked Questions — Mortgage Calculator in Ohio

What is the average mortgage payment in Ohio?+

Based on the median home price of $225K in Ohio with a 10% down payment and 6.85% rate (30-year fixed), the estimated monthly principal and interest payment is approximately $1,327. Adding property taxes (~$298/mo) and homeowner's insurance, total PITI is typically $1,775–$1,875/month.

What is the property tax rate in Ohio?+

Ohio has an average effective property tax rate of 1.59%. On the median home price of $225K, that equals roughly $3,578 per year — or $298 added to your monthly mortgage payment. This is above the national average of ~1.1%, so budget carefully.

How much down payment do I need to buy a home in Ohio?+

The typical down payment in Ohio is 10% — about $22,500 on the median $225K home. Conventional loans require as little as 3% down; FHA loans allow 3.5%. First-time buyers may also qualify for assistance through programs like OHFA First-Time Homebuyer.

What are closing costs in Ohio?+

Average closing costs in Ohio are approximately 2.1% of the purchase price — about $4,725 on the median $225K home. Closing costs include lender origination fees, title insurance, escrow, prepaid interest, and government recording fees.

What income do I need to afford the median home in Ohio?+

To afford the $225K median home in Ohio under the 28% housing-cost rule, you need a gross monthly income of at least $6,339 — roughly $76K/year. The median household income in Ohio is $62,000.

Data Sources & Methodology

State data sourced from the National Association of Realtors (median home prices), Tax Foundation (property tax rates, income tax), Freddie Mac PMMS (mortgage rates), ATTOM Data Solutions (closing costs), and U.S. Census Bureau ACS (household income). Last updated 2026.