Down Payment

The cash you bring to closing. The bank lends you the rest. 20% down is a rule of thumb, not a requirement — it is simply the point where most conventional loans stop charging mortgage insurance.

Common minimums in 2026: 3% down on many conventional loans, 3.5% on FHA with a credit score of 580 or higher, and 0% down on VA loans for eligible service members and veterans.

Loan Term

How many years you have to pay the loan off. A 30-year term gives you the lowest monthly payment. A 15-year term costs more each month but carries a lower interest rate and saves a very large amount of interest over the life of the loan.

Loan Type

There are several types of mortgage loans, but the most commonly used are fixed-rate and adjustable-rate loans. Fixed-rate loans have the same interest rate for the entire duration of the loan. That means your monthly payment will be the same, even for long-term loans, such as 30-year fixed-rate mortgages. Two benefits to this loan type are stability, and being able to calculate your total interest up front. Adjustable-rate mortgages (ARMs) have interest rates that can change over time. Typically they start out at a lower interest rate than a fixed-rate loan, and hold that rate for a set number of years, before changing interest rates from year to year. For example, if you have a 5/1 ARM, you will have the same interest rate for the first 5 years, and then your interest rate will change from year to year. The main benefit of an adjustable-rate loan is starting off with a lower interest rate.

Interest Rate

What the lender charges you to borrow, expressed annually. The field above is pre-filled with a national average, which is not a quote and not what you will be offered.

Your actual rate is shaped by credit score, down payment size, loan type and term, whether you buy points, and how the property will be used. It is also not the same as APR, which folds in lender fees and is the more honest number for comparing two loan offers.

*Buying a lake home? Second homes and investment properties are usually priced higher than primary residences, often meaningfully so. If the calculator above is estimating a Catawba or Lakeside cottage (for example) you do not intend to live in year-round, you may want to learn more.*

Property Tax Rate

The mortgage payment calculator includes estimated property taxes based on the home's value. You can edit this in the advanced options. This calculator applies a flat percentage to the purchase price. Ohio does not work that way. Your bill is built from an assessed value equal to 35% of market value, multiplied by the combined millage of your county, township or village, and school district — then reduced by credits.

Home Insurance

Home insurance or homeowners insurance is typically required by lenders, depending on the loan program. You can edit this number in the mortgage calculator advanced options. You get this coverage for potential damage to the home and your belongings, plus liability. Your lender may require it before closing.

*Ohio remains cheaper than the national average, with typical premiums landing somewhere in the $1,300 to $2,000 range annually depending on carrier, deductible, roof age and the home's condition. Bundling with auto commonly cuts 15–25%.*

HOA Fees

Dues paid to a homeowners association, typically monthly or annually, covering shared maintenance and amenities. Lenders count them against your qualifying ratios, so they affect how much house you can buy, not just what you pay.

In Ottawa County. Most established neighborhoods in Port Clinton, Oak Harbor and Genoa have no HOA at all. Lakefront and island communities are a different story — condo associations, private road maintenance agreements, dock and marina fees, and shared seawall or breakwall obligations are common.

*You may request the association's budget and reserve balance.*