Mortgage Rates in Mentor-on-the-Lake, Ohio — March 2026
Updated March 2026 | Based on Mentor-on-the-Lake market data and regional lending conditions
Mentor-on-the-Lake is a smaller Ohio community of 24,000 where home prices remain well below the national median, making homeownership more attainable. The current 30-year fixed rate here is 6.87% (0.22% above the national average). At a median home price of $182,500, the estimated $1,202/month payment (with 20% down) is affordable on the local median income of $53,500.
Current Mortgage Rates in Mentor-on-the-Lake, OH
Below are the current average mortgage rates available in the Mentor-on-the-Lake area as of March 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator above to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.87% | 6.65% | +0.22% |
| 15-Year Fixed | 6.09% | 5.89% | +0.2% |
| 5/1 ARM | 6.32% | 6.15% | +0.17% |
| FHA | 6.56% | 6.25% | +0.31% |
| VA | 6.31% | 6.05% | +0.26% |
| Jumbo | 7.12% | 6.85% | +0.27% |
Mentor-on-the-Lake Housing Market Overview
At $182,500, Mentor-on-the-Lake offers more affordable housing than most U.S. metros. The local cost of living index is 101.1 (100 = national average), and the median household income of $53,500 provides comfortable purchasing power in this market.
Monthly Payment Breakdown for Mentor-on-the-Lake
Based on the median home price of $182,500 with 20% down ($36,500), here is what you can expect to pay monthly in Mentor-on-the-Lake:
15-Year vs. 30-Year Mortgage in Mentor-on-the-Lake
Choosing a 15-year mortgage in Mentor-on-the-Lake at 6.09% instead of a 30-year at 6.87% would save you $122,220 in total interest over the life of the loan. However, your monthly payment would be $1,239 instead of $959 — an increase of $280 per month.
Calculate Your Mentor-on-the-Lake Mortgage Payment
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Open Free CalculatorFrequently Asked Questions About Mortgages in Mentor-on-the-Lake
What are the current mortgage rates in Mentor-on-the-Lake, OH?
As of March 2026, the average 30-year fixed mortgage rate in Mentor-on-the-Lake, Ohio is 6.87%, while the 15-year fixed rate is 6.09%. FHA loans average 6.56% and VA loans 6.31%. These rates are 0.22% above the national average of 6.65%.
How much is a monthly mortgage payment in Mentor-on-the-Lake?
Based on the median home price of $182,500 with 20% down, the estimated monthly mortgage payment in Mentor-on-the-Lake is $959 for principal and interest. Including property taxes of $243/month, the total monthly housing cost is approximately $1,202.
What income do I need to buy a home in Mentor-on-the-Lake?
Using the 28% rule, you would need an annual income of approximately $51,514 to afford the median-priced home in Mentor-on-the-Lake at $182,500. The median household income in Mentor-on-the-Lake is $53,500. The median income is currently sufficient to meet this threshold.
Is Mentor-on-the-Lake a good place to buy a home in 2026?
Mentor-on-the-Lake has a moderate cost of living with a cost of living index of 101.1 (national average = 100). The property tax rate in Ohio is 1.6%, which is above the national average. Mentor-on-the-Lake has a population of 24,000 and offers a balanced lifestyle.
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Last updated: March 2026. Rates are approximate averages based on regional lending data for the Mentor-on-the-Lake, Ohio area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.