Columbus vs Indianapolis: Mortgage Cost Comparison
Thinking about buying in Columbus or Indianapolis? Here's a side-by-side comparison of mortgage costs in both cities.
$1,815
Columbus PITI
$1,625
Indianapolis PITI
$190/mo
Difference
-
? Monthly payment PITI with taxes & insurance included
-
? Bi-weekly payment PITI if paid every other week
-
-
-
-
-
-
Columbus vs Indianapolis: Full Mortgage Comparison
Buying a home in Indianapolis is $190/month cheaper based on average home prices and local costs.
| Columbus, OH | Indianapolis, IN | |
|---|---|---|
| Avg. Home Price | $270,000 | $255,000 |
| Down Payment (20%) | $54,000 | $51,000 |
| Loan Amount | $216,000 | $204,000 |
| Property Tax Rate | 1.48% | 0.95% |
| Annual Property Tax | $3,996 | $2,423 |
| Annual Insurance | $1,400 | $1,600 |
| Monthly P&I | $1,365 | $1,289 |
| Monthly PITI | $1,815 | $1,625 |
| Total Interest (30yr) | $275,496 | $260,191 |
What Drives the Difference?
Home prices are the biggest factor — Columbus’s average home costs $15,000 more than Indianapolis’s.
Property taxes also favor Indianapolis — Columbus’s 1.48% rate is higher than Indianapolis’s 0.95%.
Insurance is $200/year more in Indianapolis.
Income Needed to Buy
Using the 28% rule (PITI under 28% of gross income):
| Columbus | Indianapolis | |
|---|---|---|
| Monthly PITI | $1,815 | $1,625 |
| Income needed | $77,783 | $69,629 |
Try Your Own Numbers
The calculator above is pre-filled with Columbus’s averages. Adjust the values to match your situation, or try the Indianapolis calculator for Indianapolis-specific numbers.