Louisville vs Indianapolis: Mortgage Cost Comparison
Thinking about buying in Louisville or Indianapolis? Here's a side-by-side comparison of mortgage costs in both cities.
$1,535
Louisville PITI
$1,625
Indianapolis PITI
$90/mo
Difference
-
? Monthly payment PITI with taxes & insurance included
-
? Bi-weekly payment PITI if paid every other week
-
-
-
-
-
-
Louisville vs Indianapolis: Full Mortgage Comparison
Buying a home in Louisville is $90/month cheaper based on average home prices and local costs.
| Louisville, KY | Indianapolis, IN | |
|---|---|---|
| Avg. Home Price | $235,000 | $255,000 |
| Down Payment (20%) | $47,000 | $51,000 |
| Loan Amount | $188,000 | $204,000 |
| Property Tax Rate | 0.92% | 0.95% |
| Annual Property Tax | $2,162 | $2,423 |
| Annual Insurance | $2,000 | $1,600 |
| Monthly P&I | $1,188 | $1,289 |
| Monthly PITI | $1,535 | $1,625 |
| Total Interest (30yr) | $239,784 | $260,191 |
What Drives the Difference?
Home prices are the biggest factor — Indianapolis’s average home costs $20,000 more than Louisville’s.
Property taxes also favor Louisville — Indianapolis’s 0.95% rate is higher than Louisville’s 0.92%.
Insurance is $400/year more in Louisville.
Income Needed to Buy
Using the 28% rule (PITI under 28% of gross income):
| Louisville | Indianapolis | |
|---|---|---|
| Monthly PITI | $1,535 | $1,625 |
| Income needed | $65,791 | $69,629 |
Try Your Own Numbers
The calculator above is pre-filled with Louisville’s averages. Adjust the values to match your situation, or try the Indianapolis calculator for Indianapolis-specific numbers.