Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

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

Homebuying 2 min read

Ready to talk to an expert?

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

Ready to talk to an expert?

Share:
First Bank’s Good To Know Logo
Sign up for our newsletter and be the first to know about new tips, insights, and products from First Bank.
First Bank may use this email address to contact you about products, services, and promotions.

You may be interested in...

Mortgage Rates 101: Information You Should Know Acquiring information about mortgage rates is a vital step in the home buying process. Mortgage rates vary based on several factors, such as the amount and type of your loan and your credit score. To get better mortgage rates in your area, it’s best to contact your local lender like First Bank. First Bank’s Mortgage Center provides customers with answers to common questions about loan options, mortgage rates information, and more. Whether you are a first-time homebuyer, an experienced homebuyer, or building a new home, we provide information that can help you qualify for the loan and purchase your new home. Mortgage Rates Information from First Bank You will typically have multiple loan options to choose from before purchasing a home, including conventional mortgages, government loans, and construction loans. Two of the most popular types of home loans are conventional adjustable-rate and fixed-rate mortgages. Conventional adjustable-rate mortgages: Interest rate, monthly principal, and interest payments remain the same for an initial period of 3, 5, or 7 years, for example—then adjust periodically. Interest rate caps set a limit on how much your interest rate can increase. ARMs typically have a lower initial interest rate than fixed-rate mortgages. Monthly principal and interest payments may increase as the rate adjusts. Conventional fixed-rate mortgages: Interest rate and monthly payments stay the same for the duration of the loan. Offers protection from rising interest rates for life of the loan. Available in 15-year, 20-year, and 30-year fixed-rate loan term options. For more information on conventional mortgage rates or mortgage rates on our other home loan options, find your local First Bank loan officer today. Loans subject to credit approval. ——— Sources: Investopedia: http://www.investopedia.com/terms/c/credit_score.asp Investopedia: http://www.investopedia.com/articles/pf/05/022405.asp?lgl=mtdt-v1 2 min read
30-Year Mortgage Rate Forecast Tips A great way to lock in the best mortgage interest rate is to shop around. By learning how to read a 30-year mortgage rate forecast, homeowners can pinpoint an ideal loan. Here are some useful tips for understanding mortgage forecasts to take advantage of the current lending climate. Tips for Analyzing a 30-Year Mortgage Rate Forecast 30-year mortgages offer multiple benefits for home buyers, including lower monthly payments and fixed interest rates. Because it is a long-term investment, it is important to lock in a good rate. Here are some tips for interpreting the current climate of 30-year mortgage rates. Track Rates Over a Few Months A mortgage forecast is a collection of data from a period of time, usually a few months or a week. There are often forecasts for the year in January, but because the market is subject to change, it can be difficult to predict the lending climate. So, in order to find an ideal rate, it is best to track 30-year mortgage rate forecasts over a period of time (a few months) to determine if you should lock in your rate now or wait until later. Your First Bank mortgage advisor can provide informed advice on this issue as well, as they follow the fluctuations of mortgage rates and are trained to predict market behavior. Know What Affects Interest Rates There are a few factors that impact the lending climate in the United States: The Federal Reserve (responsible for adjusting the amount of money put into circulation) 10-Year Treasury Yield (the anticipated return on government investment and assets) Housing Market Climate (the supply and demand for financed housing) Lending Market (current credit rating averages and requirements for loans) Inflation (rising inflation correlates with rising mortgage rates) The combination of these factors changes mortgage rates day-to-day, depending on the economy. In the past few years, for example, economic factors caused mortgage rates to significantly drop. Now that the economy is growing again, interests rates are projected to rise. Current Forecasts Currently, 30-year mortgage forecasts are fluctuating between 3% and 5%.  If you are hoping to buy or refinance a home this year in South Carolina or North Carolina, First Bank can help you lock in a 3 min read
Mortgage Basics 101 Understanding mortgages can be difficult, which is why we’ve put together some information to guide you through the mortgage basics. You don’t need an advanced degree in economics to understand the financing of your home. A crash course in mortgage basics will suffice, and First Bank has the resources to help you learn the ins and outs of a mortgage. Mortgage Basics 101 What is a mortgage? According to Investopedia, at its most basic, a mortgage is a loan used to purchase a house. While this definition may seem simple enough, home loans are complex. There are many different types of home loans and each can have varying terms and interest rates. Types of mortgages. Mortgages can be broken down into two main categories—fixed-rate and adjustable-rate—and each category can include different loan types. Fixed-rate mortgages are popular because the interest rate stays the same throughout the life of the loan and they typically have less complicated terms. Adjustable-rate mortgages are loans in which the interest rate can change. Adjustable-rate mortgages typically have lower initial interest rates than fixed-rate mortgages, which means your initial monthly payments will be lower. Getting a mortgage. Before you apply for a mortgage, it helps to understand the types of mortgages available to you, how much house you can afford, and what you will need to apply. And one of the best ways to find out this information is to use mortgage tools from First Bank, from mortgage calculators to application help, we make the process of purchasing a home as simple as possible. Help from First Bank’s Mortgage Center By visiting our Mortgage Center, you can get the benefits of a crash course in mortgage basics through a host of services, including: Mortgage Know-How. This is a collection of blogs, articles, tips, and guides for first-time or experienced home buyers, builders, or refinancers. Calculators. Use these tools to calculate how much house you can afford, determine whether you should refinance or not, decide to buy or rent, or figure out how much you can save by increasing your mortgage payment. Application Help. We give you the opportunity to fill out a mortgage application online to expedite the process, but if you need help with the application, simply contact one of our home loan experts. Loan 3 min read