Mortgage Calculator
Your real monthly number, with Dayton-area property taxes, insurance, and PMI already in it, not tacked on later.
Estimates use Ohio avg property tax (~1.4%) and $100/mo insurance. Consult a loan officer for final approval.
$249,000
26.9% of income · $199,000 loan
Property tax is the line item that moves
The calculator uses the Ohio average (~1.4%), but the effective rate swings by suburb. Largely tracking school district. On a $300k home, the spread between Fairborn and Oakwood is roughly $150/month.
How to read your number
- 1
Enter your annual household income
Use gross (pre-tax) household income. Lenders typically allow up to 28% of gross monthly income toward housing costs (principal + interest + taxes + insurance).
- 2
Enter your down payment
Conventional loans typically require 5-20% down. FHA allows as low as 3.5%. VA loans require $0 down for eligible veterans. The calculator shows the loan-to-value ratio that results.
- 3
Adjust the interest rate
Use a recent quote from your lender. National average rates for 30-year fixed mortgages in 2025 are roughly 6.5-7%. VA loan rates run 0.25-0.5% below conventional.
- 4
Pick your loan term
30-year fixed gives the lowest monthly payment. 15-year fixed pays off faster with lower total interest but higher monthly payment. 7- and 10-year ARMs are useful if you plan to move before the rate adjusts.
- 5
Add property taxes and insurance
Dayton-area effective property tax rates run roughly 1.5-2.2% of home value depending on township/school district. Homeowner's insurance averages $1,000-$1,800/year for typical Dayton homes.
- 6
Review your total monthly cost
Compare the total monthly payment (principal + interest + taxes + insurance + PMI if applicable) against the recommended 28% of gross monthly income threshold.
Questions people actually ask
How much home can I afford in Dayton, Ohio?
A common rule of thumb is the 28/36 rule: total housing costs should not exceed 28% of gross monthly income, and total debt payments (housing + car + student loans + credit cards) should not exceed 36%. At Dayton's median household income of about $59,000, that translates to roughly $1,377/month for housing. Enough to comfortably afford a $200,000-$250,000 home with 10% down at current rates.
What is the average property tax rate in Dayton, Ohio?
Effective property tax rates in the Dayton metro range from about 1.5% to 2.2% of market value depending on the city and school district. Oakwood and Centerville run higher (1.9-2.2%) due to top-rated schools. Fairborn, Huber Heights, and Riverside run lower (1.5-1.8%). Property taxes in Ohio are billed semi-annually.
Do VA loans require PMI?
No. VA loans do not require Private Mortgage Insurance (PMI) regardless of down payment, which saves veterans approximately $100-$250 per month compared to conventional loans with less than 20% down. VA loans do have a one-time funding fee (2.15-3.3% of loan amount, financeable), which is waived for veterans with VA-rated disabilities.
Is a 30-year or 15-year mortgage better?
It depends on your goals. A 30-year fixed has a lower monthly payment, freeing cash for investments or emergencies. A 15-year fixed has a higher monthly payment but pays off the home faster and saves significant interest over the life of the loan. Often $100,000+ on a $250,000 mortgage. If you can comfortably afford the higher 15-year payment, it's the cheaper long-term choice. If cash flow is tight or you have higher-return investments available, the 30-year may be better.
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