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Ohio Mortgage Calculator

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Overview of Ohio Housing Market

Ohio has one of the healthiest overall housing markets, with home values that have climbed steadily in recent years. The state’s average effective property tax rate is well above the national mark at 1.48%.

Today's Mortgage Rates in Ohio

Product Today Last Week Change
30 year fixed 6.75% 6.75% 0.00
15 year fixed 3.88% 3.88% 0.00
5/1 ARM 4.38% 4.38% 0.00
30 yr fixed mtg refi 6.88% 7.13% -0.25
15 yr fixed mtg refi 5.13% 5.00% +0.13
7/1 ARM refi 4.75% 4.50% +0.25
15 yr jumbo fixed mtg refi 3.03% 3.07% -0.04

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research

Enter your details below to estimate your monthly mortgage payment with taxes, fees and insurance.

Not sure how much you can afford? Try our home affordability calculator.

Total Monthly Payment

Monthly Payment
Over Time

Total Monthly Payment Breakdown

Based on a $350,000 mortgage

Taxes &
Other Fees
Payment (P&I)
Mortgage Payment (P&I)
Home Insurance
Homeowners Insurance
Mortgage Insurance (PMI)
Taxes & Other Fees
Property Taxes
HOA/Condo Fees
Total Monthly Payment

Mortgage Over Time

Based on a $350,000 mortgage

Remaining Mortgage Balance
Principal Paid
Interest Paid
Year 1

Enter your details below to estimate your monthly mortgage payment with taxes, fees and insurance.

Not sure how much you can afford? Try our home affordability calculator.

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Home Price
Down Payment
Mortgage Interest Rate
Loan Type

Tax, Insurance & HOA Fees

Annual Property Tax
Annual Homeowners Insurance
Monthly HOA/Condo Fees

Other Financial Considerations

In addition to making your monthly payments, there are other financial considerations that you should keep in mind, particularly upfront costs and recommended income to safely afford your new home.

Recommended Minimum Savings

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Minimum Down Payment
Closing Costs
Estimated Cash Needed to Close
Recommended Cash Reserve
Total Recommended Savings

Recommended Minimum Income

Show Explanation

This is based on our recommendation that your total monthly spend for your monthly payment and other debts should not exceed 36% of your monthly income.

Housing Payment
Other Monthly Debt Payments

Compare Loan Types

The most common loan terms are 30-year fixed-rate mortgages and 15-year fixed-rate mortgages. Depending on your financial situation, one term may be better for you than the other.

With a 30-year fixed-rate mortgage, you have a lower monthly payment but you’ll pay more in interest over time. A 15-year fixed-rate mortgage has a higher monthly payment (because you’re paying off the loan over 15 years instead of 30 years), but you can save thousands in interest over the life of the loan.

Loan Term 30 Year Fixed 15 Year Fixed
Monthly Payment $1,111 $1,111
Mortgage Rate 1.11% 1.11%
Total Interest Paid $1,111 $1,111
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How We Got This Answer

  • About This Answer

    This calculator determines how much your monthly payment will be for your mortgage.

    We take your inputs for home price, mortgage rate, loan term and downpayment and calculate the monthly payments you can expect to make towards principal and interest.

    We also add in the cost of property taxes, mortgage insurance and homeowners fees using loan limits and figures based on your location. You can also manually edit any of these fees in the tax insurance & HOA Fees section of this page.

    We also calculate the way that your mortgage balance changes over time as you make payments towards principal and interest. These figures do not include the payments made to taxes or other fees.

    Have additional questions about this calculator? Feel free to email our expert at! more
  • Our Assumptions

    In order to create the best comparison with your finances in 2022 this calculator does not account for home value appreciation or inflation. more
  • Our Home Buying Expert

    Michelle Lerner Home Buying

    As SmartAsset’s home buying expert, award-winning writer Michele Lerner brings more than two decades of experience in real estate. Michele is the author of two books about home buying: “HOMEBUYING: Tough Times, First Time, Any Time,” published by Capitol Books, and “New Home 101: Your Guide to Buying and Building a New Home.” Michele’s work has appeared in The Washington Post,, MSN and National Real Estate Investor magazine. She is passionate about helping buyers through the process of becoming homeowners. The National Association of Real Estate Editors (NAREE) honored Michele in 2016 and 2017 with the award for Best Mortgage or Financial Real Estate Story in a Daily Newspaper. more
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Factors in Your Ohio Mortgage Payment

In addition to your monthly mortgage payment, you’ll have property taxes and insurance to deal with as associated homeowner costs. Ohio’s property tax rates are higher than the national average, with an effective rate of 1.48%. Property taxes in the Buckeye State pay for county services such as parks, police departments and schools. You’ll find a different tax rate for each county in Ohio, depending on individual budgets and needs.

Property appraisals are conducted once every six years. Your appraisal will equal market value which is used to determine assessed value, which can vary county to county. If you want to maximize property tax savings, you can check if you qualify for any Ohio property tax exemptions.

As for insurance, the average Ohio homeowner paid $2,107 towards their annual homeowners insurance premium, according to data from Ohio ranked as one of the least expensive states for homeowners insurance. It helps that the state isn’t near a coastline or a wildfire-prone area. That said, Ohio suffered damage during Hurricane Ike in 2008 and Superstorm Sandy in 2012, according to the Insurance Information Institute. While homeowners policies usually cover hail and wind damage, flood damage generally is excluded. If you want flood insurance, you can find a policy through the National Flood Insurance Program (NFIP).

Ohio participates in the FAIR plan, which provides basic insurance coverage for those denied coverage by at least two insurance companies. Full details can be found on the Ohio FAIR Plan Underwriting Association website.

A financial advisor in Ohio can help you understand how homeownership fits into your overall financial goals. Financial advisors can also help with investing and financial planning - including retirement, taxes, insurance and more - to make sure you are preparing for the future.

Costs to Expect When Buying a Home in Ohio

One of the initial costs of homebuying is paying for a home inspection. After you make an offer on a house, you generally get a period of time to schedule a home inspector who will help you understand the condition of the property. Most home inspections include an overview of the roof, attic, basement, walls, appliances, plumbing, electrical and foundation. Your home inspector should give you a list of what they plan to assess prior to you contracting their services. The average cost for a home inspection is $350 to $450 and depends on the home’s square footage. If you want additional tests, such as mold, radon, termites or water quality, you’ll have to pay additional fees.

That’s just the beginning of what you’ll pay during home buying. The next expense to consider is closing costs. This umbrella term covers a number of fees you’ll pay as part of the loan closing. Ohio’s average closing cost is usually around 2.19% of a home's value.

Average Closing Costs by County

CountyAvg. Closing CostsMedian Home ValueClosing Costs as % of Home Value
Van Wert$3,370$104,9003.21%

Our Closing Costs Study assumed a 30-year fixed-rate mortgage with a 20% down payment on each county’s median home value. We considered all applicable closing costs, including the mortgage tax, transfer tax and both fixed and variable fees. Once we calculated the typical closing costs in each county we divided that figure by the county’s median home value to find the closing costs as a percentage of home value figure. Sources include the U.S. Census Bureau, Bankrate and government websites.

Within that umbrella are origination fees, which is the portion of money that goes to your lender for its mortgage services. This includes tax service, origin points, loan processing, underwriting, commitment and document preparation. Not all of these services and fees will apply to every mortgage, it depends on the lender and your loan.

Another cost your lender will pass on to you is title insurance. The Ohio Department of Insurance writes that the lender’s loan policy won’t cover your interest in the title. However, you can buy a separate owner’s policy to protect against financial loss due to covered claims against your title. This includes payment of your legal costs if the title insurance company has to defend your title against covered claims.

Additional closing costs cover third-party fees such as flood certification, survey, appraisal, credit reports and more. This will depend on what services you use during the home-buying and closing process.

One last fee, which is the seller’s responsibility according to Ohio law, is a real property conveyance fee of $1.00/$1,000. This fee goes to the state, and counties have the option to levy an additional $0.30. The county also collects parcel fees for land and lot transfers, which is often the buyer’s responsibility.

Details of Ohio Housing Market

Ohio, home of the Rock and Roll Hall of Fame, is the seventh-most populous state in the U.S. with about 11.7 million residents. The state spans 40,860 land miles making it the 34th-largest state. Bordered by Lake Erie and Michigan to the north, Pennsylvania to the east, Kentucky and West Virginia to the south and Indiana to the west, Ohio is a solidly Midwestern state.

Unlike a number of other states, Ohio’s capital, Columbus, is also its most populous city. After Columbus, the next largest cities are Cleveland, Cincinnati, Toledo and Akron, according to U.S. Census Bureau estimates.

If you plan on calling Ohio home, housing prices won’t be a detractor. Out of Ohio’s 88 counties, only a handful exceed the FHA conforming loan limit for a single-family home in a low-cost area, which, in 2022, is $420,680. This means the cost of housing is relatively affordable, especially compared to prices on the East and West Coasts.

Overall, we ranked Ohio towards the top of the U.S. for Healthiest Housing Markets. This study considered indicators of stability, affordability, fluidity and risk of loss. The highest-ranking places within Ohio include the counties of Monroe, Montgomery, Ross, Clinton and Belmont. The median home value across the state was $157,200, according to Census data.

Drilling down to the city level, Columbus’ median home value was $143,000, based on recent Census data. Over on the shores of Lake Erie, Cleveland’s prices are much lower. Here, the median home value was $68,500. Cincinnati is more expensive at a median home value of $129,100.

Local Economic Factors in Ohio

The Buckeye State’s known for its leading export commodities: motor vehicles and machinery. General Electric, General Motors, Ford and Whirlpool all have a major presence in this Midwestern state. The manufacturing sector leads the nation in production of plastics, rubber, fabricated metals and more. Ohio is consistently one of the largest state economies in the country.

Some of Ohio’s top employers are Walmart, Cleveland Clinic, Kroger, Mercy Health and Ohio State University, according to the Ohio Department of Development. Several Fortune 500 companies have headquarters in Ohio including Cardinal Health, Procter & Gamble, Nationwide and Progressive.

Ohio’s unemployment rate for December 2021 was 4.5% compared to the national rate of 3.9%, according to the Bureau of Labor Statistics. Income didn’t fare well either, according to data from the Bureau of Economic Analysis. In 2020, Ohio’s per capita personal income of $53,641 was well below the national average of $59,510.

Income is taxed in Ohio based on brackets. The higher your income the more income tax you’ll pay. For example, if you earn between $44,250 and $88,450, any income in excess of $44,250 is taxed at 3.226%. On top of state income tax, Ohio municipalities and school districts collect income taxes. Rates can be as high as 3% in certain areas. Sales tax is similar. The state charges a percentage and counties charge an additional percentage as well.

Planning a move to the Buckeye State? You can always check your cost of living to see how your budget might change. For example, if you live in San Diego, California and make $75,000 a year, a move to Columbus would equal a 17% lower average cost of living, mainly due to cheaper housing and food costs. Moving from Chicago, Illinois to Columbus is an average of 11% lower, largely due to housing costs. Thinking about Cleveland? A move from Austin, Texas to the Lake Erie-fronting city would lower your cost of living by an average of 6%.

Mortgage Legal Issues in Ohio

Ohio is one of the states that mandates property disclosures for most real estate transactions. The Ohio residential property disclosure form includes questions about flood plains, drainage, erosion, boundary disputes and more. If sellers have knowledge of anything asked on the form, they are required to disclose it. While the document can help you - as a prospective homebuyer - get an idea of the current condition, it’s not a substitute for a home inspection.

In the last five years, Ohio has passed a number of laws to help protect homeowners and mitigate foreclosure risk. Ohio only allows lender to foreclose through the judicial system. This means lenders must go through the court and file a complaint to start the process. Judicial foreclosures generally take much longer than non-judicial foreclosure, which can be beneficial for homeowners who need more time to pay back what they owe.

Ohio’s foreclosure timeline starts when you miss a payment. Roughly 45 to 60 days after the missed payment, your lender will send you a demand or breach letter. Once you’ve missed three monthly payments, your lender can file a foreclosure complaint at the county court of common pleas. You’ll receive a copy of the complaint and a court summons. This is when you should consult an attorney as well as answer the summons. You have the option to request mediation, which can mean working out a repayment plan with your mortgage lender. If you don’t request this option or you’re not granted additional time to work on a resolution, after 150 days your lender can file a motion for summary judgment. If granted, your mortgage lender can schedule an auction of your home through the sheriff’s office.

If you need help, the Ohio Housing Finance Agency’s foreclosure prevention effort is called Save the Dream Ohio. The organization helps connect financially distressed homeowners with housing counseling agencies to help families avoid foreclosure. Ohio’s non-profit legal services community offers additional help at, where homeowners can find information and resources.

Ohio Mortgage Resources

Available Resources

ResourceProblem or IssueWho Qualifies
Ohio Housing Finance AgencyDown payment assistance and mortgage tax credit.First-time homebuyers who meet income, credit and other requirements.
USDA Rural Development - Single family loansOffers payment assistance to increase an applicant’s repayment ability.Applicants must be without decent, safe and sanitary housing; Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet; Agree to occupy the property as your primary residence; Have the legal capacity to incur a loan obligation; Meet citizenship or eligible noncitizen requirements; Not be suspended or debarred from participation in federal programs.

The Ohio Housing Finance Agency (OHFA) offers a number of homebuyer incentives including down payment assistance and information regarding mortgage tax credits. You can find free homebuyer education and the OHFA First-Time Homebuyer program that helps you find a mortgage for your first home.

Another option is the USDA for a government-backed loan for a home in an eligible rural area. Find if you meet the income requirements and proper location by navigating to the USDA’s Ohio website.

In the midst of a move to the Buckeye State? Get a head start on your budget by seeing what your paycheck will look like in Ohio and taking a look at current Ohio mortgage rates.