Indiana First-Time Homebuyer Calculator
First-time homebuyer costs in Indiana: $7,875 FHA down payment, $5,625 closing costs, 0.85% property tax. See total upfront costs & monthly payments.
How This Calculator Works
Calculation methodology and assumptions
First-time homebuyer cost breakdown for Indiana. Includes down payment, closing costs (2.5%), PMI (required below 20% down), property tax (0.85%), and homeowners insurance ($1,540/yr). DTI ratio should stay below 43% for conventional loans and 50% for FHA.
Key State Information
Indiana homebuyer facts: Median price $225,000 | 20% down = $45,000 | FHA 3.5% down = $7,875 | Closing costs ~$5,625 | Property tax 0.85% | No attorney required.
Frequently Asked Questions
How much do I need to buy a house in Indiana?
For Indiana's median home ($225,000): FHA minimum down payment is $7,875 (3.5%), plus $5,625 in closing costs. Total minimum: ~$13,500. With 20% down to avoid PMI: ~$50,625.
What are closing costs in Indiana?
Indiana closing costs average 2.5% of the home price, or about $5,625 on the median home. This includes title insurance, appraisal, origination fees, recording fees, and optional attorney fees. Transfer taxes are 0%.
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