Typical Ohio mortgage payment
The median home price in Ohio is roughly $230,000. Here's the estimated monthly principal & interest payment on that amount, by rate and term:
| Rate | 15-year | 30-year |
|---|---|---|
| 5.00% | $1,819 | $1,235 |
| 5.50% | $1,879 | $1,306 |
| 6.00% | $1,941 | $1,379 |
| 6.50% | $2,004 | $1,454 |
| 7.00% | $2,067 | $1,530 |
| 7.50% | $2,132 | $1,608 |
| 8.00% | $2,198 | $1,688 |
| 8.50% | $2,265 | $1,769 |
| 9.00% | $2,333 | $1,851 |
| 9.50% | $2,402 | $1,934 |
| 10.00% | $2,472 | $2,018 |
What a Ohio mortgage really costs (PITI)
Principal & interest alone would run about $1,454/month at 6.50% over 30 years. But Ohio's property tax - roughly 1.59% of home value per year here - adds about $305/month, and estimated homeowners insurance adds around $67/month. Your real total monthly payment (PITI) on a $230,000 Ohio home is closer to $1,826/month.
Using the standard 28%-of-income guideline, comfortably affording this home takes a household income around $78,240/year. A 20% down payment here is $46,000.
Ohio vs. its neighbors
Of Ohio and its neighbors, West Virginia has the lowest estimated total monthly payment - about $655 less per month than Ohio.
| State | Median price | Property tax rate | Est. total monthly (PITI) |
|---|---|---|---|
| West Virginia | $165,000 | 0.58% | $1,171/mo |
| Kentucky | $215,000 | 0.86% | $1,576/mo |
| Ohio (this page) | $230,000 | 1.59% | $1,826/mo |
| Michigan | $240,000 | 1.44% | $1,875/mo |
| Indiana | $240,000 | 0.85% | $1,757/mo |
| Pennsylvania | $270,000 | 1.58% | $2,141/mo |
What affects your Ohio payment?
- Property tax above is a statewide estimate - your county's actual rate may differ.
- Down payment: 20% down avoids private mortgage insurance (PMI).
- Loan term: a 15-year loan saves enormous interest vs. 30 years.
Median price, property tax rate and insurance are approximate estimates, not county-specific figures. Not financial advice.