What Is the Average Mortgage Payment in Ohio?

Understanding mortgage payments is important for financial planning for anyone considering homeownership. Housing costs represent a significant portion of a household’s budget, so it’s crucial to understand the components of a monthly mortgage payment. This understanding helps individuals assess affordability and manage their finances effectively, particularly in dynamic real estate markets like Ohio.

The Average Mortgage Payment in Ohio

The average monthly mortgage payment in Ohio was around $1,910.52 in April 2024. This figure encompasses four main components: principal, interest, taxes, and insurance, known as PITI.

Principal reduces the loan balance. Interest is the cost charged by the lender. Taxes are property taxes levied by local governments, often collected and held in escrow. Insurance includes the homeowner’s premium, protecting the property from risks.

Nationally, the average monthly mortgage payment was $2,209 in April 2024, with the median at $2,259 as of June 2025. Ohio offers a more affordable housing market than the national average. These figures provide a benchmark, but individual payments vary based on property values, loan terms, and financial circumstances.

Factors Influencing Mortgage Payments

Several factors determine a monthly mortgage payment. The purchase price of a home impacts the loan amount, influencing principal and interest. In Ohio, the typical home value was $245,994 in the second quarter of 2025. The median home price in Ohio was $238,700 as of April 2024.

Interest rates significantly affect the overall mortgage cost. A lower rate means a smaller monthly payment and less total interest. As of August 28, 2025, the average 30-year fixed mortgage rate was 6.59%. The loan term, or repayment period, also significantly affects monthly payments. A shorter term, such as 15 years, results in higher monthly payments but less interest paid over time, while a 30-year term offers lower monthly payments but accrues more interest.

Property taxes are a mandatory part of most mortgage payments, collected by the lender and held in escrow. Ohio’s average effective property tax rate is around 1.43% of a home’s value. This rate can vary by county, with the median annual property tax paid across Ohio counties being $2,145.03. Homeowner’s insurance is also part of the monthly payment, protecting the property. The average annual cost for homeowner’s insurance in Ohio is approximately $1,436 for $350,000 in coverage, translating to about $120 per month.

The down payment reduces the principal loan amount, decreasing the monthly payment. A larger down payment means borrowing less, lowering principal and interest.

Private Mortgage Insurance (PMI) can add to the monthly payment. PMI is required for conventional loans when the down payment is less than 20% of the home’s purchase price. This insurance protects the lender in case the borrower defaults, and its annual cost ranges from 0.58% to 1.86% of the loan amount. PMI can be cancelled once 20% equity is built in the home.

Estimating Your Own Mortgage Payment

Estimating your mortgage payment involves considering the four components: principal, interest, taxes, and insurance (PITI). Calculating the principal and interest portion requires knowledge of the loan amount, the interest rate, and the loan term. While complex formulas exist, online mortgage calculators can provide an accurate estimate based on these inputs.

To estimate the property tax component, use the average effective property tax rate for Ohio, which is about 1.43% of the home’s value. For a home valued at $245,994, for example, the annual property tax would be approximately $3,519, or about $293 per month. Similarly, for homeowner’s insurance, an average cost of $1,436 per year, or $120 per month, can be used. Adding these estimated tax and insurance amounts to the calculated principal and interest provides a comprehensive PITI estimate.

Beyond the PITI calculation, consider affordability guidelines, such as the 28/36 rule, when estimating how much house you can afford. This rule suggests that housing costs, including PITI, should not exceed 28% of your gross monthly income. Your total monthly debt obligations, including housing and other debts like credit cards or car loans, should not exceed 36% of your gross monthly income. For example, with a median household income in Ohio of $69,680 annually, or approximately $5,807 per month, the 28% housing guideline would suggest a maximum monthly housing cost of about $1,626.

These rules serve as guidelines for lenders and offer a useful framework for personal financial planning. Obtain specific quotes for property taxes and homeowner’s insurance for any particular property you are considering, as these can vary based on location and individual circumstances. Using these estimation methods helps prospective homebuyers in Ohio make informed decisions about their mortgage obligations.