Down Payment

The rule of thumb is 20 percent. But some loans accept as little as 3.5 percent down. The more you put in upfront, the lower your monthly payments - and the more house you can access. It is a lever worth understanding before you start searching.

Loan Term

30-year fixed keeps monthly costs lower. 15-year fixed costs more each month but builds equity faster and saves significantly on interest over time. The right choice depends on how long you plan to stay and how aggressively you want to own outright.

Loan Type

Fixed rate means your payment never changes. Adjustable rate starts lower but can shift over time. Most North Shore buyers favour fixed rate for the predictability - especially in a market where long term stability matters more than a short term saving.

Interest Rate

Pre-filled with the current average - but your actual rate will vary based on credit score, down payment and lender. Even a half percent difference changes your monthly payment meaningfully. Worth running the numbers at a few different rates before you commit.

Property Tax Rate

Estimated based on home value and included in your monthly total. Essex County property tax rates vary by town - worth checking the specific rate for any area you are seriously considering.

Home Insurance

Required by most lenders and included in the calculation. Rates vary based on location, property type and coverage level. Coastal properties on the North Shore may carry additional flood insurance requirements - ask William about this before you budget.

HOA Fees

Applicable to condos, townhomes and some planned communities. If the property you are considering has an HOA, factor this into your monthly total - it can meaningfully affect affordability.