In Ohio, the effective property-tax rate averages about 1.56% of home value. On the state's median-priced home ($230,000) with 20% down at 6.85%, the all-in monthly payment is roughly $1,571.76 including taxes and insurance.
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| Year | Principal paid | Interest paid | Ending balance |
|---|---|---|---|
| 1 | $1,924 | $12,544 | $182,076 |
| 2 | $2,060 | $12,408 | $180,016 |
| 3 | $2,205 | $12,263 | $177,811 |
| 4 | $2,361 | $12,107 | $175,450 |
| 5 | $2,528 | $11,940 | $172,921 |
| 6 | $2,707 | $11,761 | $170,214 |
| 7 | $2,898 | $11,570 | $167,316 |
| 8 | $3,103 | $11,365 | $164,213 |
| 9 | $3,323 | $11,146 | $160,890 |
| 10 | $3,558 | $10,911 | $157,333 |
| 11 | $3,809 | $10,659 | $153,524 |
| 12 | $4,078 | $10,390 | $149,445 |
| 13 | $4,367 | $10,102 | $145,079 |
| 14 | $4,675 | $9,793 | $140,404 |
| 15 | $5,006 | $9,462 | $135,398 |
| 16 | $5,360 | $9,109 | $130,038 |
| 17 | $5,738 | $8,730 | $124,300 |
| 18 | $6,144 | $8,324 | $118,156 |
| 19 | $6,578 | $7,890 | $111,577 |
| 20 | $7,044 | $7,425 | $104,534 |
| 21 | $7,541 | $6,927 | $96,992 |
| 22 | $8,075 | $6,394 | $88,918 |
| 23 | $8,645 | $5,823 | $80,272 |
| 24 | $9,257 | $5,212 | $71,016 |
| 25 | $9,911 | $4,557 | $61,105 |
| 26 | $10,612 | $3,857 | $50,493 |
| 27 | $11,362 | $3,106 | $39,131 |
| 28 | $12,165 | $2,303 | $26,967 |
| 29 | $13,025 | $1,443 | $13,942 |
| 30 | $13,942 | $523 | $0 |
Ohio's effective property-tax rate averages about 1.56% of a home's value — roughly $3,588 per year on a $230,000 home. Actual bills vary by county and assessment.
On the median Ohio home ($230,000) with 20% down at 6.85%, the full payment is about $1,571.76 including principal, interest, property tax, and insurance.
Rates are set nationally by market conditions and your credit, not by state, but closing costs, property taxes, and insurance — which shape your real monthly cost — vary significantly by state.
Sources: Freddie Mac Primary Mortgage Market Survey; Tax Foundation — Property Taxes by State; Consumer Financial Protection Bureau.
Estimates for educational purposes only — not a loan offer, financial advice, or a commitment to lend. Actual rates, payments, and terms vary by lender and creditworthiness.