Acquiring a mortgage or refinancing can be a complicated process. Understanding the numerous financial factors that go into these transactions can be a major hurdle for the average homebuyer. Luckily, First Ohio Home Finance offers mortgage calculators and other online tools to help you reach your financial goals. Keep reading to learn more about our calculator tools that can assist with your mortgage research.
Mortgage payment calculator
Determining the amount of your monthly payment is one of the most basic considerations when acquiring a home loan. Our simple mortgage calculator takes the basic details of your loan—total mortgage amount, down payment, interest rate and loan period—and shows you an estimated monthly payment based on these figures.
Click here to try the mortgage payment calculator.
Should you refinance?
When you refinance at a lower interest rate, you usually pay refinancing costs including points, fees, and closing costs. This calculator will tell you if the amount you save in interest will exceed these refinancing costs. The calculated results depend on how long you plan to keep this property.
Click here to try the refinancing calculator
How much will my adjustable-rate mortgage payments be?
Adjustable-rate mortgages (ARMs) can be useful for borrowers in certain financial situations. These loans typically allow for a lower monthly payment in the short term, with the price of payments increasing over the life of the loan. This calculator computes the estimated payments and interest for an adjustable-rate loan, where the rate increases by the maximum amount allowed at each interval until it reaches the rate cap.
Click here to try the ARM payment calculator.
How much mortgage might you qualify for?
It is important to determine how big of a loan you will qualify for before taking on the search for your next home. Most lenders base their home loan qualification on both your total monthly gross income and your monthly expenses. These monthly expenses include property taxes, PMI, association dues, insurance, and credit card payments.
Click here for a calculator that can help you establish your maximum mortgage budget.
How much home can I afford?
With mortgage ceiling established, it’s also important to determine the maximum home price that falls within your budget. This calculator computes the most expensive house you can buy based on the highest payment you can afford, but does not indicate whether you would qualify for the loan.
Click here for a calculator that can help determine the maximum home price within your budget.
Please understand that all these calculators offer a general estimate of your finances for education purposes only. Real amounts could vary depending on market conditions or other factors. If you think you’re ready to begin the mortgage process or have any questions, our experienced loan officers are here to assist you. Contact us today to get started.