Mortgage calculator
Short answer: Your real monthly payment in Indianapolis is principal and interest plus property tax, homeowners insurance and, on most loans with less than 20% down, mortgage insurance. Property tax is the piece people miss: on a home you live in, Indiana caps it at 1% of assessed value. Enter a price and an address below to see all of it at this week's average rate.
Most calculators stop at principal and interest, which is like quoting a concert ticket before the fees. This one adds the actual property tax for the address, insurance and mortgage insurance, using this week's average rates. Then I'll show you every program in Indy that can help with the down payment.
This week's national average
Freddie Mac survey, week of October 29, 2026. Rates are set nationally, so this is the same benchmark lenders in Indy start from. Yours depends on credit, down payment and loan type.
Your numbers
Estimated monthly payment
$0/mo
Estimates only, not a loan offer. Mortgage insurance, insurance and taxes are approximations; your lender's Loan Estimate is the real number. Property tax uses the price as the assessed value and 2026 Indiana rates.
Get real numbers
I'm a Realtor, not a lender, so I don't make loans. What I can do is introduce you to a couple of local lenders who are good at explaining things and quick to call back, and send them the scenario above so you don't have to start from scratch.
Loan types, in plain English
Picking a loan is less about finding the "best" one and more about finding the one built for your situation. Here's how I explain them over coffee.
Best for: solid credit and a little saved.
The most common loan. Program minimums start at 3% down for many first-time buyers (HomeReady and Home Possible are versions built for moderate incomes). Under 20% down you'll pay private mortgage insurance, but it comes off once you build enough equity.
Watch out: PMI pricing leans hard on your credit score, so two buyers with the same down payment can pay very different amounts.
Best for: credit that's still a work in progress.
Backed by the federal government and more forgiving on credit. FHA's rules set the minimum at 3.5% down for most borrowers. There's an upfront mortgage insurance premium (usually rolled into the loan) plus a monthly one.
Watch out: with less than 10% down, the monthly premium lasts for the life of the loan unless you refinance later. Homes also have to pass FHA's condition standards.
Best for: veterans, service members and eligible spouses.
Honestly one of the best loans out there. VA loans can be done with no down payment and have no monthly mortgage insurance. There's a one-time funding fee, which some veterans with service-connected disabilities don't pay.
Watch out: sellers sometimes worry about the VA appraisal. A strong offer and a good lender usually settle those nerves.
Best for: buying in eligible rural areas.
A government-backed loan for homes in USDA-eligible areas, with income limits. It can be done with no down payment. Around here, that mostly means the northern Hamilton County towns like Sheridan, Cicero and Arcadia. Marion County addresses generally don't qualify.
Watch out: eligibility goes by exact address, and the map changes. Check it on the USDA eligibility site before you fall in love with a house.
Down payment help
The down payment is the wall most first-time buyers hit. Indy has more ways over it than people realize, but every program has its own rules, and some of the information online is out of date. Here's what's current, checked .
Indianapolis Neighborhood Housing Partnership
I send a lot of my buyers to INHP, and for good reason. They're a local nonprofit that offers homebuyer education, one-on-one coaching and their own mortgages built for first-time buyers: low down payment options, no mortgage insurance, and credit guidelines that give people a real shot. Their down payment assistance comes paired with an INHP mortgage, and their Revive Indy loan can roll repair money into the purchase.
Indiana Housing & Community Development Authority
Indiana's housing agency offers down payment help through approved lenders. First Step is for first-time buyers (anyone who hasn't owned a home in three years), with income and price limits. Next Home is open to repeat buyers too, with income limits but no price limit.
Heads up: IHCDA's help is no longer forgivable. It's a 0% second mortgage with no monthly payment, paid back when you sell, refinance or move out. If you read "forgivable after nine years" somewhere, that's the old First Place program, which ended in 2023.
See IHCDA programs ↗︎Several lenders here have special programs designed for less cash up front, no PMI, or grants toward closing costs. Most depend on the home's census tract or your income, so the address matters. Ask the lender to check yours.
Neighborhood Loan: very little cash up front and no PMI, for eligible buyers or neighborhoods in Marion and Hamilton County.
Welcome Home100: built for first-time buyers with strong credit, little cash up front and no PMI.
Community Loan: low down payment, no PMI, and grant money in eligible areas.
Homebuyer Grant and DreaMaker: grant money toward costs in eligible census tracts.
Neighbors First Credit: help with closing costs in Key-designated communities.
Down payment assistance in eligible census tracts, while each year's funds last.
Community Home Lending through their lending center on North Meridian.
Launch and HomeBoost grants through member banks. Closed for 2026; they usually reopen in spring.
Buying in Hamilton County? There aren't city-run down payment programs in Carmel, Fishers, Noblesville or Westfield right now. Buyers there usually lean on IHCDA, the lender programs above, or USDA in the northern towns.
Programs, limits and funding change. This is general information, not a commitment from any lender or agency. Confirm eligibility and terms directly with the program.
Creative ways to finance
Instead of a lower price, you ask the seller to cover part of your closing costs. It keeps more cash in your pocket on day one. It works best when a house has been sitting or the seller is motivated.
A seller (or you) pays upfront to lower the rate, either for the whole loan or for the first year or two. Worth comparing against a price cut, because sometimes the buydown saves you more per month.
Some FHA and VA loans can be taken over by a buyer, rate and all. If the seller locked in a low rate years ago, that's a big deal. The catch: you have to cover the seller's equity, which can be a lot of cash.
Buy a duplex (or up to four units), live in one, rent the others. Because you live there, you can use owner-occupied loans, and the rent helps cover the mortgage. You're also the landlord, so be ready for 2 a.m. texts about the water heater.
Most loan types allow family to gift part of the down payment. There's paperwork (a signed gift letter and a paper trail for the money), so loop your lender in before anyone moves money.
Buy the fixer-upper and finance the fixing in the same loan, through programs like FHA 203(k) or INHP's Revive Indy. More paperwork and contractor bids, but it can open up homes other buyers skip.
The seller acts as the bank, sometimes as a land contract. It can help when a traditional loan isn't possible yet. It can also go sideways, so the terms should always be written up by a real estate attorney.
Buying with a sibling, friend or partner can stretch both budgets. Get a written agreement for who pays what and what happens if someone wants out. Future you will be grateful.
Mortgage questions
Rates are set nationally, not by city, so the best public benchmark is Freddie Mac's weekly survey. This week it's 7.24% for a 30-year fixed and 6.60% for a 15-year. Your rate depends on your credit, down payment, loan type and whether you pay points, so a lender quote is the real number.
Each taxing district has its own rate per $100 of assessed value. If it's your primary home and you file the homestead deduction, Indiana takes deductions off the assessed value, caps the bill at 1% of it, then takes off a homestead credit of up to $300. Rentals and other non-homestead homes are capped at 2%. Most Indianapolis homesteads land close to that 1% cap. See every district's 2026 rate.
Sometimes, but often not. IHCDA's current help is a 0% second mortgage you repay when you sell or refinance. Some bank programs are true grants, and INHP's assistance comes with their mortgage. Always ask, "Do I ever have to pay this back, and when?"
No. Several loan types are designed for much smaller down payments, and the programs above can help with the rest. Under 20% down you'll usually pay some form of mortgage insurance, which the calculator includes so there are no surprises.
Indiana bills property taxes a year behind, so your first bills reflect the previous owner's assessed value and deductions. Your homestead deduction kicks in once you file it, so that first year can look a little different from this estimate.
Let's talk about what you want in a home, and I'll connect you with a lender for a real pre-approval. No pressure, even if you're a year out.
