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An explicit formula for the ergodic capacity of Orthogonal Frequency Division Multiplexing (OFDM)-based Multiple-Input Multiple-Output (MIMO) systems under correlated frequency selective Rayleigh channels is derived, by simplifying the channel response matrix in frequency domain into the so-called Kronecker model composed of three kinds of correlations, i.e. multipath tap gain correlation and spatial fading correlations at both transmitter and receiver. The derived formula is very simple and convenient for one to estimate the effects of all three kinds of correlations on MIMO-OFDM capacity. If taps are independent, there is a very simple expression for the ergodic capacity. In case of tap correlation, the capacity formula could be further given in an integral expression. The validity of the new formula is verified and the effects of correlations, delay spread as well as the number of subcarriers on the ergodic capacity are evaluated via Monte Carlo simulations.