How much house can I afford in Indiana?

All-in cost first, always. Estimate only — not a loan quote or pre-approval.

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Indiana at a glance

Median home price
$280,055
Typical closing costs
2%–4% of price
Transfer tax
None
Closing custom
escrow
Homestead exemption
Indiana's Homestead Standard Deduction (Indiana Code §6-1.1-12-37) reduces a homestead's assessed value by the lesser of 60% of assessed value or a flat dollar cap — but that cap is being phased down and eliminated under 2025 property tax reform (P.L.68-2025 / the enacted version of Senate Bill 1): $48,000 for 2025, $40,000 for 2026, $30,000 (2027), $20,000 (2028), $10,000 (2029), and $0 (2030 onward). A separate Supplemental Homestead Deduction (IC §6-1.1-12-37.5) applies to the remaining assessed value after the standard deduction, and is being phased UP over the same period to partially offset the standard deduction's phase-out: 40% (2026), 46% (2027), 52% (2028), 57% (2029), 62% (2030), 66.7% (2031 onward), capped so the combined deductions never exceed 75% of gross assessed value. Both deductions require a one-time application with the county auditor. Separately, Indiana's constitutional 'circuit breaker' property tax caps (Art. 10, §1) limit a homestead's total property tax bill to 1% of gross assessed value (2% for other residential/agricultural, 3% for other real/personal property), regardless of deductions.

First-time buyer / down payment assistance programs

  • IHCDA First Step Program

    Indiana Housing and Community Development Authority's primary first-mortgage program for first-time homebuyers (or buyers in a targeted census tract): a 30-year fixed-rate FHA or Conventional loan combined with non-forgivable down payment assistance, reserved through a participating lender for a $250 fee.

  • IHCDA Next Home Program

    Down payment assistance of 2.5% or 3.5% of the purchase price (the assistance amount cannot exceed the home's appraised value), paired with an FHA or Conventional 30-year fixed-rate first mortgage; unlike First Step, has no first-time-buyer restriction.

Continue calculating

Mortgage payment calculator

Estimated all-in monthly payment for a home price you have in mind.

First-time buyer programs

Check which down payment assistance programs you likely qualify for.

Take-home pay calculator

What actually reaches your account after federal tax, FICA, and your state's own brackets — with local income tax disclosed rather than guessed at.

Related reading

Closing Costs in Indiana: What You'll Actually Pay

9 min read

Indiana charges no real estate transfer tax at all. Here's what closing on a $280,055 Indiana home really costs, from the $2,200 average to the $8,402 midpoint.

What Is PMI, and How Do You Get Rid of It?

15 min read

Private mortgage insurance explained in plain English — what it costs, why it exists, the exact federal rules for cancelling it, and how to work out the month your PMI is scheduled to end.

Guides & templates

Buying a Home With Someone Else

$4.99

The operational guide to buying property with a partner, friend, sibling, or parent — credit and DTI mechanics, title vesting, a clause-by-clause co-ownership agreement, and how the exit actually works.

The First-Time Buyer's Playbook: 12 Months to Closing Day

$4.99

A month-by-month plan for the year before you buy: what to do in each phase, what never to touch, how to document every dollar, and how to survive closing day.