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Lake County FHA Loan Calculator

Adjust the sliders to model your loan in real time. We have prefilled this page with local benchmark averages for Lake County, Ohio based on real HMDA transaction records.

Loan Details

Lake County, OH Benchmarks

FHA averages
Typical Property Value$255,946
Average Down Payment10.6%
Average Interest Rate6.425%
Effective Tax Rate1.50%
Median Tax Paid$3,475/yr
Tax Growth (Historical)-1.0%
Based on 1,004 regional loans totaling $225,590,000 (HMDA database).
$
%

$27,130 down · $228,816 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$320 / month

$

Annual premium

$

Per month

%

$97 / month

Estimated Monthly Payment

$2,026/mo

  • Principal & Interest$1,459
  • Property Tax$320
  • Home Insurance$150
  • FHA MIP$97
Amortization · Remaining Balance

Financed Loan Amount

$232,820

Total Interest

$292,547

Total of Payments

$525,367

*Includes financed FHA Upfront MIP of $4,004

Local Market Insights

Lake County FHA Mortgage Overview

In Lake County, the 10.64% average down payment on FHA loans provides accessible entry for owner-occupants, though mandatory Mortgage Insurance Premiums (MIP) apply for the loan’s life regardless of equity. With a median Loan-to-Value of 89.36%, this is ideal for buyers with sub-620 credit scores. The effective property tax rate of 1.50% adds significant monthly cost, but the recent -1.0% inflation-adjusted tax change offers slight relief. When evaluating an FHA loan down payment in Lake County, Ohio, or considering FHA loan limits and tax impacts, remember MIP is permanent, making precise budgeting for property taxes essential.

Disclaimer: This calculator provides estimates for educational purposes only and does not constitute a loan offer or financial advice. Actual rates, taxes, insurance, and fees will vary.