Mortgage on a $550K house in Ohio
$3,795 a month with 20% down — $2,960 principal and interest plus $560 property tax and $275 insurance.
Ohio's typical property tax is 1.22% of the home's value a year (U.S. average 0.9%), which adds $560 a month on a $550K home. The typical home in Ohio is worth $245,982, so $550K is 124% above the typical price.
$550K home in Ohio: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $110,000 | $440,000 | $2,960 | $0 | $835 | $3,795 | $162,700 |
| 10% down | $55,000 | $495,000 | $3,330 | $206 | $835 | $4,372 | $187,400 |
| 5% down | $27,500 | $522,500 | $3,515 | $218 | $835 | $4,568 | $195,800 |
| 3.5% down (FHA) | $19,250 | $540,038 | $3,633 | $243 | $835 | $4,712 | $201,900 |
Assumes a 30-year fixed loan at 7.11%, property tax of 1.22% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Where in Ohio does $550K buy a typical home?
In these counties the typical home value is within 15% of $550K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Delaware County | $515,396 | 1.6% | $3,969 |
88 of 88 Ohio counties tracked by Zillow have a typical home value at or below $550K. See all Ohio home prices.
Other prices in Ohio
Frequently asked questions
What is the mortgage on a $550K house in Ohio?
About $3,795 a month with 20% down at 7.11%: $2,960 principal and interest, $560 property tax and $275 insurance.
How much do I need to make to buy a $550K house in Ohio?
About $162,700 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $550K house in Ohio?
At Ohio's typical effective rate of 1.22%, about $6,725 a year. Rates vary by county and city — see the county pages.