Mortgage Calculators
Understanding the numbers has never been so easy.
We’ve put together a comprehensive set of mortgage calculators to answer all of your questions — some you may not have even considered yet. With a few pieces of information, our calculators can illuminate your individual situation, provide direction, and guide you to make the best financial decisions for you and your family.
Calculate a Mortgage Payment
Repayment of a mortgage loan requires the borrower to make a monthly payment back to the lender. That monthly payment includes both repayment of the loan principal, plus monthly interest on the outstanding balance.
Rent or Buy?
Deciding whether to rent or buy relies on many factors. Take into consideration the difference in monthly rent vs. mortgage payment, home value, rent increases, interest rate, and taxes to name a few.
Proceeds From Sale of a Home
How much profit will you make if you sell your home? This is largely dependent on two things: the amount you still owe on the home and what you will have to pay for selling the home.
Home Affordability
Your ability to obtain a loan for a new home purchase is based on several aspects. Lenders typically focus on three key ratios: Loan-to-Value ratio, Housing ratio and Debt-to-Income ratio.
Compare Two Mortgage Loans
When purchasing a home, the mortgage you choose and the options you want with it will have a significant impact on how much your home costs you in the long run.
Adjustable Rate Mortgage Analyzer
ARMs typically offer home buyers the advantage of having a lower mortgage payment during the initial period of the mortgage. Once the initial period expires, the rate will reset at current interest rate levels.
Time to Refinance?
The decision to refinance a home mortgage can involve many factors. You might want to take cash out of your home and apply it elsewhere or obtain a lower rate to lower your monthly payments.
Compare a Bi-Weekly Mortgage to a Monthly Mortgage
One popular strategy for accelerating the payoff of a loan is to make ‘Bi-Weekly’ payments. Under a Bi-Weekly mortgage plan, you will make payments to your lender every two weeks instead of monthly.
Debt-to-Income Calculator
Your DTI is the percentage of your gross income used to cover your mortgage and other debt payments. This ratio and your credit score are two key factors used to determine if you qualify for a loan.
Other Helpful Resources
We’re here to help
From Maine to Texas, Michigan to Florida, First Home Mortgage has licensed professionals to help you accomplish your housing dreams. Contact one of our offices today to find a loan officer that will help you negotiate the home financing process successfully.
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