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.

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The Best Online Mortgage Calculator in Charlotte, NC

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