Down Payment Calculator for Indiana

Down Payment Planning in Indiana

With a median home value of $230,000 in Indiana, here's what different down payment tiers look like:

• 3% (First-time buyer programs): $6,900
• 3.5% (FHA minimum): $8,100
• 10% (Avoid PMI with some lenders): $23,000
• 20% (Eliminate PMI entirely): $46,000

Conforming Loan Limits in Indiana

The conforming loan limit in Indiana is $726,200. All Indiana counties are at the standard conforming limit. If your loan exceeds this, you'll need jumbo financing, which typically requires a 20%+ down payment.

Closing Costs to Plan For

Beyond your down payment, budget for closing costs of around $2,400 in Indiana. Indiana has very low closing costs with minimal transfer taxes and recording fees. The state does not impose a mortgage recording tax.

Property Tax Impact

Indiana's effective property tax rate is 0.85% (average annual bill: $1,308). A larger down payment reduces your monthly mortgage but property taxes remain constant regardless of how much you put down.

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