Ohio Mortgage Calculator

In Ohio, Vinton County has the lowest median monthly mortgage payment at $780, compared to Delaware County's highest at $3,070. This disparity in payments can influence your short-term budgeting and long-term financial planning, affecting your ability to save and invest.

Using MoneyGeek's mortgage calculator in Ohio, you can accurately estimate your monthly mortgage payment and determine which loan term suits your financial situation better. It also helps you see how much interest you will pay over the loan's lifetime, allowing you to secure a mortgage that aligns with your financial goals.

Mortgage Calculator

Simply estimate your Ohio loan payments, taxes and PMI.

Updated: Sep 4, 2024

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Homeowner's insurance

PMI

HOA fees

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Get personalized mortgage rates from Ohio.

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Key Takeaways

Ohio's Vinton County has the lowest median monthly mortgage payment at $780, while Delaware County has the highest at $3,070, as of March 2024.

Using a mortgage calculator in Ohio helps manage short-term costs by adjusting loan terms and down payments, and estimates total interest over the loan's life.

The average APR for a 30-year mortgage in Ohio is 6.4%, and for a 15-year mortgage, it is 5.9%.

MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot to analyze rate information for Ohio We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless otherwise stated, all rates are annual percentage rates (APRs).

See the sources cited for more details about data related to median mortgage payments, home prices, down payments and local tax rates.

Interest rate data was last updated in September 2024.

SEE MORTGAGE CALCULATORS IN NEIGHBORING STATES

How to Use Our Ohio Mortgage Calculator

MoneyGeek's mortgage calculator in Ohio can calculate your monthly mortgage payments and determine your mortgage's affordability. You'll also gain a clear understanding of your amortization schedule, helping you plan your finances effectively.

Calculate Your Monthly Mortgage Payment

Your monthly mortgage payment is influenced by several factors, including the home's sale price and your down payment. Let's explore how to navigate Ohio's mortgage calculator to determine your payment details.

1
Home Price
The home price directly influences your monthly mortgage payment in Ohio. A lower home price in Vinton County, at a median of $133,880, means lower monthly payments than in Delaware County, where the median is $526,480, according to the National Association of Realtors.
2
Down Payment
The size of your down payment influences your monthly mortgage payment by reducing the loan amount. Ohio's median down payment is $28,700, according to ATTOM data from September 2024.
3
Annual Percentage Rate (APR)
Your Annual Percentage Rate (APR) impacts your monthly mortgage payment, with a lower APR resulting in lower payments. The current mortgage rates in Ohio change over time and vary between loan types. For example, the average APR for a 15-year fixed mortgage is 5.9%, and for a 30-year fixed mortgage, it's 6.4%.
4
Loan Terms
Shorter terms, like 15 years, often have higher monthly payments but result in less interest paid over the life of the loan. Conversely, a 30-year term typically has lower monthly payments but accrues more interest over time. Choosing the right term depends on your financial situation and goals.

SAMPLE MONTHLY PAYMENT CALCULATION IN OHIO

Using the mortgage calculator in Ohio, you can see that the monthly payment for a 30-year fixed rate mortgage on a $275,000 house after a 20% down payment is $1,376. This figure does not account for additional costs such as HOA fees and property taxes.

Choosing a 15-year repayment term for your home loan increases your monthly mortgage payment to $1,845, impacting your monthly budget. This adjustment, while increasing short-term expenses, reduces the total interest paid over the life of the loan by $163,369, offering substantial long-term savings.

Determine Your Mortgage's Affordability

Buying a home is one of the most significant expenses you'll have, and your mortgage payments will take a substantial portion of your monthly income. Understanding your mortgage's affordability affects your finances, and MoneyGeek's mortgage calculator for affordability can help you determine how affordable your mortgage is. Simply input your monthly income and other monthly debts, such as car loans and student loans, to get started.

The calculator also shows your debt-to-income ratio, which helps you understand how much of your income goes toward debt payments. This is important when planning to secure a mortgage. According to Experian, the average debt in Ohio is $75,243, which translates to an average monthly debt of $6,270.

See Your Amortization Schedule

Amortization is the process of paying off a loan over time through regular payments. Key terms:

Principal: The loan amount you borrow. Understanding this helps you see how much you owe.
Interest: The cost of borrowing the principal.

Knowing this shows the total cost of your loan.

MoneyGeek's mortgage calculator allows you to see your amortization schedule and estimate the total interest you'll pay over the life of your loan in Ohio. You can also see when your monthly payments begin to go more toward your principal versus your interest, which helps you understand your payment allocation over time.

Additional Mortgage Fees in Ohio

Aside from the loan amount and interest rate, home buyers need to consider other mortgage fees that could impact your budget. For example, mortgage insurance and HOA fees could increase your monthly payment. Property taxes and homeowners insurance are other costs to keep in mind.

Homeowners Insurance

Homeowners insurance protects your property and personal belongings from damage or theft. It also provides liability coverage if someone is injured on your property. The average homeowners insurance in Ohio costs $1,744 per year.

Property Tax

Property tax is a levy on real estate that homeowners must pay to the local government. It funds public services like schools and infrastructure. According to the Tax Foundation, Ohio's effective property tax rate is 1.59%, ranking it 9th in the nation.

HOA Fees

HOA fees are payments to homeowners associations for property management, maintenance, and community amenities. These fees are typically paid monthly or annually.

Private Mortgage Insurance

Private mortgage insurance (PMI) protects lenders if a borrower defaults on a loan. It applies to conventional mortgages when the down payment is less than 20%. Borrowers must request cancellation once they reach 20% equity, or it will only be automatically removed at 22%.

How Much Is Private Mortgage Insurance in Ohio?

The average APR for a 30-year fixed loan in Ohio is 6.4%. For a 15-year fixed loan, it's 5.9%. Using MoneyGeek's PMI calculator, you can see that for a $275,000 home with a 10% down payment, borrowers with a credit score between 680 and 719 pay PMI worth $117 per month if they get a 30-year fixed rate loan. The amount becomes $115 if they opt for a 15-year loan instead.

MoneyGeek's mortgage calculator in Ohio allows you to see your amortization schedule and determine when you can stop paying for the cost of private mortgage insurance:

1
Calculate your monthly mortgage payment
Input the necessary information, such as the home's price, down payment, and mortgage rate in Ohio. If you already know some fees you need to cover, such as property tax or HOAs, include these. If not, leave them blank but know that you'll still have to pay for these. Run the calculator and get your total monthly payment.
2
Calculate for your target equity
You can request that PMI be canceled when you've accumulated at least 20% equity in your home — this will be your target equity. To calculate your target equity, multiply your home's price by 20%.
3
Determine the remaining equity required
Your down payment already contributes towards the 20% equity you need to request your PMI's cancellation. Deduct your down payment from your target equity to get the remaining amount.
4
Establish a timeline
Go to the third tab of the mortgage calculator. Move the slider until the 'Principal Paid' exceeds your remaining equity required — that'll be the year you can stop paying for PMI.

Private Mortgage Insurance Calculator

Calculate your monthly private mortgage insurance (PMI) premium based on your credit score and down payment.

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WHEN CAN YOU CANCEL YOUR PMI?

You put in an 8% down payment for a home in Ohio priced at $350,000. With an average APR of 6.4% for a 30-year fixed-rate loan, you'll pay $2,014 each month as your monthly mortgage payment.

20% of $350,000 is $70,000 — that's how much you need in total to request your PMI's cancellation. Subtracting $28,000 (8% of $350,000) from $70,000 gives you $42,000 — that's how much you still need to pay to hit 20% equity. Assuming that your home's value remains the same over the years and that you consistently pay your mortgage, you can request your lender to cancel your PMI by Year 10.

How to Lower Your Monthly Mortgage Payment in Ohio

Your mortgage is probably the biggest expense you have each month. For a $225,000 loan in Ohio at 6.4%, you'll pay $1,376 monthly. However, if you can reduce your APR by 0.25%, your new monthly mortgage payment becomes $1,340. That $36 difference in monthly payment adds up — over a 30-year fixed-rate mortgage, you'll save $12,892 in total interest.

This example highlights the value of finding ways to lower monthly mortgage payments. Here are some strategies to consider:

Improve your credit score

Your credit score affects your mortgage. In Ohio, with a down payment between 5% to 20%, the average APR for a 30-year fixed rate mortgage is 7.0% if your credit score is above 740. However, if your credit score is lower than 680, the APR rises to 7.7%. This change increases your monthly mortgage payments from $1,464 to $1,569.

Save for a bigger down payment

Putting a bigger down payment may result in lower monthly mortgage payments. For a $225,000 loan in Ohio, putting 8% down makes your APR 7.1%, resulting in a monthly mortgage of $1,700. Increasing your down payment to 25% puts your APR at 6.7% and a monthly mortgage of $1,331.

Choose a longer loan term

A longer loan term affects your monthly mortgage payment. A 15-year fixed rate mortgage in Ohio has an APR of 5.9%. With a 20% down payment, this results in a monthly mortgage payment of $1,845. Compare this to $1,376, which you'll pay each month if you change loan terms to 30 years, even if your APR increases to 6.4%.

Explore homeownership assistance programs

You can find homeowners assistance programs in Ohio that may help with your mortgage costs. Institutions like the Ohio Housing Finance Agency and the Office of Housing and Community Partnerships offer various forms of assistance to eligible homeowners.

FAQ: Mortgage Calculations in Ohio

Understanding how to use a mortgage calculator can raise questions for potential borrowers in Ohio. We've addressed commonly asked questions to provide clarity on mortgage calculators in this state.

How much mortgage can I afford in Ohio?

The amount you can afford depends on your debt-to-income ratio (DTI). Lenders typically prefer a DTI ratio below 36%.

What is the average mortgage debt in Ohio?

The average mortgage debt in Ohio is $144,784 as of 2023, according to Experian.

How much down payment do I need to purchase a house in Ohio?

The ideal down payment is 20%, but it varies. Conventional loans often require 5% to 20%, FHA loans require as little as 3.5%, and VA loans and USDA loans usually don't require a down payment.

Do you really need private mortgage insurance in Ohio?

If your down payment is less than 20%, you will likely need private mortgage insurance (PMI). In Ohio, PMI costs around $115 for a 15-year mortgage and $117 for a 30-year mortgage.

What's the effective tax rate in Ohio?

Ohio's effective property tax rate is 1.59% in 2023, ranking 9th nationally.

What is the median home price in Ohio?

The median home price in Ohio varies by county. Vinton County has the lowest median home price at $133,880, while Delaware County has the highest at $526,480.

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