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Calculate Your Monthly Mortgage Loan Payment (with Taxes and Insurance)

Homebuying 2 min read

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A mortgage loan calculator with taxes and insurance can help prospective homeowners prepare for the financial responsibility of owning a home. Purchasing a home may be one of the biggest decisions you ever make, so it is important to know how much your mortgage payment will be each month after taxes and insurance are added, so you can know how much house you can afford.

How Much House Can I Afford?

First Bank* provides a mortgage loan calculator with taxes and insurance for potential homebuyers who want to estimate their monthly payments before applying for a loan. Before you use the calculator, you will need to gather the following information:

  • Loan term in years
  • Purchase price
  • Percentage down
  • Interest rate
  • Annual tax
  • Annual insurance

Once you have all of the necessary information, you can click here to calculate your potential monthly mortgage payment.**

Applying for a Home Loan

Now that you’ve calculated how much house you can afford, you may be ready to apply for a mortgage loan. You can get the homebuying process started by visiting First Bank’s online Mortgage Center. Our Mortgage Center provides you with tools, tips, and tricks to help you find a loan that meets all of your needs.

Whether you are a first-time home buyer or ready to build your vacation home, we can structure a loan to meet your needs. First Bank offers a variety of home loan options*** with competitive interest rates, including :

  • Conventional loans
  • Government loans
  • Professional loans
  • Jumbo loans
  • Construction loans
  • Dream It, Own It loans

The path to quickly finding an affordable home loan starts at First Bank. When you’re ready to apply, all you have to do is start an online application or visit your local branch to speak with one of  our home loan experts.

*Member FDIC. Equal Housing Lender. NMLS #474504.
**Determining exact rates and payments can be a complex process. Your exact rates and payment amounts will depend on a number of factors including geographical location and personal financial information. This tool provides you with an estimate of payments based on the information you put in but does not guarantee them. Loans are subject to credit and collateral approval.
***Loans subject to credit approval.

———-

Sources:

Investopedia: http://www.investopedia.com/terms/i/interest.asp?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186

Investopedia: http://www.investopedia.com/articles/pf/05/022405.asp

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