The Best Online Mortgage Calculator in Charlotte, NC

Are you in search of a new home? Perhaps if you are in the Charlotte area you have wondered if Plaza Midwood, Arbor Glen, or South End are the best locations to look in to. Or maybe you are searching for a home in the SouthPark or Ballantyne area and need to know how much you can afford to spend.

Whether you want to be close to Uptown or the University area or if you want to live close to the light rail routes and other public transportation, there are many key factors to consider in choosing your next place to live. Charlotte has lots to offer and doing your research before starting your journey can help the process run smoothly.

We know that buying a home is an important decision to make financially. For that reason, we provide the best online mortgage calculator options to give you a better understanding of what to expect when starting the process.

Before we dive in to the different versions of our best online mortgage calculators, let’s first describe what a mortgage is. A mortgage is a loan option that allows a borrower to finance property. Mortgage loans are provided by a bank or other financial institution, allowing you to purchase a home and pay back the loan in the form of monthly payments. A borrower is required to provide personal and financial information to the lender before approval of a loan is granted.

Which Version of Our Best Online Mortgage Calculator is Best for You

Everyone doesn’t have the same mortgage loan or financial needs, that is why we provide options for conventional loans, construction loans, and first-time homebuyer loans. You can use one of the best online mortgage calculators to determine which is right for you.

Home Affordability Calculator

If you are searching for a new home, you don’t want to start off not knowing how much you are willing to spend. You can use our home affordability calculator to determine the price you can afford to spend. This calculator option gives you an estimate of how much your monthly mortgage payment will be. Enter your purchase price, term, percentage down, and a few more categories to find your payment results.

Once you find the price you can afford to spend on a home, you can begin to look at locations and make sure you are staying within your price range. Looking in the Charlotte area? Take a look at Zillow to start your process.

This is the best online mortgage calculator for: browsers, first-time homebuyers, and seasoned home buyers.

Payment Savings Calculator

If you already have a home and are paying your monthly payments, you may be wondering what you can get from increasing your mortgage payment. When paying your mortgage, you can pay down your principal, saving you money and decreasing interest over the lifetime of a loan.

Our payment savings calculator gives you an idea of how much interest you can save by increasing your payments. Enter the principal balance, interest rate, monthly payment amount, and additional monthly payment amount to see how much you could save. In the results section, you can compare term 1 (what you are currently paying) vs. term 2 (what you are currently paying, plus an additional payment) to visualize your savings. You can even view an amortization schedule on a monthly or yearly basis, breaking down payment information even further.

This is the best online mortgage calculator for: home owners and seasoned home buyers.

Buy vs. Rent Calculator

One of the most important decisions you can make when considering a new living situation is whether you should buy or rent a property. You may feel like now is the time for you to consider buying, but taking a look at your financial situation may lead you to renting, or vice versa. It is always good to understand the crucial factors that can drive this decision, such as, how long you are planning to live in a certain area or what the real estate market looks like in your ideal location.

You can fill out our buy vs. rent calculator to determine the best solution for you. By entering a number of categories you can view a monthly payment comparison of owning versus renting, with a recommendation on which option will cost less over a given amount of time.

This is the best online mortgage calculator for: first-time home buyers and individuals who are casually looking at home options.

Refinancing Calculator

Whether you are looking to lower your interest rate, have more affordable monthly payments, or build equity, refinancing may be a good option. However, you will need to consider closing costs and loan terms. After all, you are wondering if refinancing will save you money.

Our refinancing calculator helps you determine if it makes sense for you to refinance. Enter your loan amount, annual property taxes and insurance, term, and interest rate to calculate an estimated monthly mortgage payment. From here you can decide if there is a financial gain from refinancing.

At First Bank our mortgage loan officers (MLOs) can provide you with more detailed information on refinancing. We also have articles on our “Learn” page that dive deeper into refinancing tips and the right times to refinance.

This is the best online mortgage calculator for: seasoned home buyers and home owners.

Next Steps

After you have gone through all of your information, used one of our best online mortgage calculators, and narrowed down your options, you may be wondering what you should do next.

Find a mortgage loan officer in your area. As the Best-In-State Bank in North Carolina, our MLOs are prepared and ready to assist you with all of your mortgage loan needs.
Take a look at our mortgage application checklist to gather everything you need in the process.
Begin a mortgage loan application after using our best online mortgage calculator.

Additional Resources

Looking for more information on home options? Check out these resources to further your search.

Share:

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...

Where To Get 20 Year Mortgage Rates When you’re ready to buy a house, it’s easy to get caught up in all of the excitement of shopping and forget about the financial part. Once you’ve found the perfect house, the first thing you may be wondering is where to get 20-year mortgage rates. First Bank can help you determine what type of mortgage works best for you, and help structure a loan that meets your individual needs. What are 20-Year Mortgage Rates? 20-year mortgages are typically offered as fixed-rate mortgages, meaning your interest rate—and your total monthly payment of principal and interest—will stay the same for the entire term of the loan. A fixed-rate mortgage offers a predictable monthly payment, making it easier for you to follow your budget. With fixed-rate mortgages, you also have the option to take them out in 15 or 30-year terms. While a 20-year mortgage helps you pay off your home faster and build equity quicker than longer-term fixed-rate mortgages, a 15-year mortgage will help you pay it off even faster, and pay less interest. However, 15-year mortgages have higher payments than other longer-term mortgages. Additionally, 30-year fixed-rate mortgages allow you to pay off your loan with lower monthly payments, but since the life of the loan is longer, you’ll pay more interest and build equity slower than you would with a shorter-term loan. Visit Your Local First Bank First Bank offers conventional fixed-rate mortgages in 15, 20, and 30-year terms, and we also offer adjustable-rate mortgages. To learn more about our loan options, or if you’re still wondering where to get 20-year mortgage rates, visit your local First Bank branch. Our loan experts will be happy to teach you more about mortgage loans and rates, or help you structure a loan* that meets your needs. *Loans subject to credit approval. ——— Sources: Investopedia: http://www.investopedia.com/terms/f/fixed-rate_mortgage.asp 2 min read

What Are All These Fees? You expected that buying a home would mean paying principal, home insurance, taxes, interest, and maybe mortgage insurance. But what are all these other fees you’re getting hit with on closing day? 3 min read

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

Five Reasons to Refinance Your Mortgage Banking professionals suggest mortgage refinancing when homeowners want to replace their current loan with a new one, often to reduce monthly payments or lower interest rates. With a mortgage refinance, your current loan is paid off and replaced with a new one. This can be a great option for borrowers with good credit who want to alter their current loan. But refinancing could be risky for borrowers with less than perfect credit. Check out our list of reasons to refinance and see if you could benefit from refinancing your current mortgage. 5 Reasons to Refinance Lower interest rates—If mortgage rates have dropped since you first took out your loan, you could secure a lower rate by refinancing. Lower monthly payment—Lowering your interest rate could have a dramatic impact on your monthly payment. If you intend on staying in your home for several years, lowering your payment could help you save. Shorten loan term—When interest rates fall, homeowners can often significantly shorten their loan term by refinancing without much increase in their monthly payment. Convert between adjustable-rate and fixed-rate—With adjustable-rate mortgages, your initial interest rate may be low and and then increase over a period of time. Refinancing to a fixed-rate mortgage could allow you to avoid an increase in rate. Cash out to make a large purchase—If you have equity in your home, refinancing enables you to cash out on that equity without taking out a loan, such as a home equity loan. A lot of people will use this cash to pay for home repairs, college tuition, or make a large purchase, such as a car. These types of refinances are typically easy to complete and may even be tax deductible. If you still aren’t sure if a mortgage refinance is right for you, visit our online refinance calculator to see how much you could save, or visit your local First Bank branch to speak with a mortgage specialist. Loans subject to credit approval. ——— Sources: https://www.investopedia.com/mortgage/refinance/when-and-when-not-to-refinance-mortgage/ 2 min read

The Best Online Mortgage Calculator in Charlotte, NC

Ready to talk to an expert?

Ready to talk to an expert?

You may be interested in...