See the whole monthly payment, not just principal and interest. It estimates Indiana property taxes the way they actually work here, adds insurance, mortgage insurance and HOA dues, and prints as a clean one-page payment estimate.
An estimate, not a loan offer. Your lender's Loan Estimate has the real rate, mortgage insurance and escrow figures. The link holds only the numbers, not a name or address.
Principal and interest. The standard fixed-rate formula on the loan amount, which is the price minus your down payment, plus the FHA upfront premium or VA funding fee if one applies (both are usually rolled into the loan).
Property taxes. Indiana caps property tax at 1% of gross assessed value for a home you live in as your primary residence and 2% for second homes and rentals. With no tax entered, the calculator uses the price as the assessed value, applies the cap, and for a primary home subtracts the homestead credit that started with taxes due in 2026 (the lesser of $300 or 10% of the bill). That makes it an upper-end estimate for most homes. School and other referendum levies sit outside the cap and can push a bill higher. The tax line on a listing is usually last year's bill for the last owner, and on new construction it often covers only the lot, so don't count on it. My Indiana property tax guide walks through how to estimate a specific house.
Private mortgage insurance. On a conventional loan with less than 20% down, lenders require PMI. It starts here at 0.5% of the loan a year as an assumption you can change; your actual premium depends on your credit and down payment. Under the federal Homeowners Protection Act, PMI ends automatically when your balance is scheduled to reach 78% of the original value, and you can ask to drop it at 80%. The calculator shows the month that happens on the original schedule.
FHA mortgage insurance. FHA loans carry an upfront premium of 1.75% of the base loan, added to the loan, plus an annual premium set by HUD Mortgagee Letter 2023-05: 0.55% a year on a 30-year loan with less than 5% down, 0.50% with 5% or more down (base loans up to $726,200; larger loans and 15-year terms have their own rates, which the calculator uses). With less than 10% down it stays for the life of the loan; with 10% or more it ends after 11 years. FHA requires at least 3.5% down.
VA funding fee. VA loans have no monthly mortgage insurance. Instead there's a one-time funding fee, usually added to the loan: 2.15% with less than 5% down on first use (3.3% on later use), 1.5% with 5% or more down, and 1.25% with 10% or more, per the VA's rates effective April 7, 2023. Veterans receiving VA compensation for a service-connected disability, among others, are exempt.
What it leaves out. Closing costs and the cash you'll need at closing, prepaid interest and escrow cushions, flood insurance, and any special assessments. For what buyers typically pay at closing in Indiana, see my Indiana closing costs guide. Weighing this payment against your rent? Try my rent vs. buy calculator.
The tax line is the one that surprises people most in Indiana, especially on new construction, where last year's bill often covered only the lot. Send me the address and I'll pull the assessment and the local tax rate so the payment you plan around is the real one.
Happy to point you to a couple of local lenders, too.
Fishers-based. Ten years designing and building homes before real estate. Committed to your success.
Send the address or the home you're looking at, and I'll come back with the real tax picture and what to ask your lender.
No obligation, and no pressure to sign anything.
This calculator gives an estimate, not a loan offer or a tax bill, and isn't legal, tax or financial advice. I'm a Realtor, not a lender. Sources: Indiana circuit breaker caps and the homestead credit per the Indiana Department of Local Government Finance; FHA premiums per HUD Mortgagee Letter 2023-05; VA funding fees per VA.gov (effective April 7, 2023); PMI cancellation per the Homeowners Protection Act, as summarized by the Consumer Financial Protection Bureau. Checked September 28, 2026.