Current Avg. Rates: 6.46% 30-yr fixed|5.77% 15-yr fixed
Source: Freddie Mac Primary Mortgage Market Survey
Source: Freddie Mac Primary Mortgage Market Survey
Chicago vs Columbus: Mortgage Cost Comparison
Thinking about buying in Chicago or Columbus? Here's a side-by-side comparison of mortgage costs in both cities.
$2,328
Chicago PITI
$1,815
Columbus PITI
$513/mo
Difference
Your Monthly Payment (PITI)
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Principal + Interest + Tax + Insurance
Monthly Breakdown
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Property Tax
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Insurance
Loan Overview
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Total Interest
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Payoff Date
Bi-Weekly Option
? Pay half your monthly payment every two weeks — you'll make 26 half-payments (13 full payments) per year instead of 12
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Bi-Weekly Payment
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Total Interest
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Payoff Date
Chicago vs Columbus: Full Mortgage Comparison
Buying a home in Columbus is $513/month cheaper based on average home prices and local costs.
| Chicago, IL | Columbus, OH | |
|---|---|---|
| Avg. Home Price | $320,000 | $270,000 |
| Down Payment (20%) | $64,000 | $54,000 |
| Loan Amount | $256,000 | $216,000 |
| Property Tax Rate | 2.1% | 1.48% |
| Annual Property Tax | $6,720 | $3,996 |
| Annual Insurance | $1,800 | $1,400 |
| Monthly P&I | $1,618 | $1,365 |
| Monthly PITI | $2,328 | $1,815 |
| Total Interest (30yr) | $326,514 | $275,496 |
What Drives the Difference?
Home prices are the biggest factor — Chicago’s average home costs $50,000 more than Columbus’s.
Property taxes also favor Columbus — Chicago’s 2.1% rate is higher than Columbus’s 1.48%.
Insurance is $400/year more in Chicago.
Income Needed to Buy
Using the 28% rule (PITI under 28% of gross income):
| Chicago | Columbus | |
|---|---|---|
| Monthly PITI | $2,328 | $1,815 |
| Income needed | $99,775 | $77,783 |
Try Your Own Numbers
The calculator above is pre-filled with Chicago’s averages. Adjust the values to match your situation, or try the Columbus calculator for Columbus-specific numbers.