Hancock Bank Mortgage Calculators


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The Hancock Bank mortgage calculators provide users with the tools needed to quickly and accurately estimate the various benefits and drawbacks of financing a home using a mortgage.

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Rates

In order to get an exact amount for the rate of interest (%), one should apply either online, by Telephone at 1-800-448-8812, or by visiting a bank location.

Calculators

How to Calculate

Home Affordability

Home Affordability

Determines the overall affordability of a home. The following information should be entered to view how much the applicant may pay for a home/property:

  • Household Income – Gross amount of all the persons contributing to the loan.
  • Down Payment
  • Interest Rate(s)
  • Loan Term
  • Monthly Insurance and Other Costs
  • Monthly Association Dues (if any)
  • Annual Property Tax Amount (As a percentage or dollar figure)

Results will automatically be generated as the inputs are entered/altered.

Compare Mortgage Loans

Used to compare two different types of loans, to determine the optimal approximate payment, interest rate, and term length for the applicant. The following details must be entered to get the appropriate figures:

  • Loan ID – Make a name for each loan type
  • Down Payment
  • Loan Term
  • Interest Rate
  • Points (if any)
  • Other Fee(s)
  • Type of Loan (Fixed, Arm, etc.)
  • Adjustable Type (if any)
  • Initial Rate Adjustment
  • Subsequent Rate Adjustment
  • Rate Cap

This calculator will automatically generate results as the above variables are altered.

The applicant should enter the following:

Rent or Buy

Rent or Buy

  • Rental Information
    • Monthly Payment (rent)
    • Renter’s Insurance (if any)
    • Rental Amount Increase (as a percentage)
  • Home Purchasing Information
    • Purchase Price
    • Downpayment (usually 20% of the purchase price)
    • Interest Rate (as a percentage)
    • Term of Loan (months/years)
    • Points (if any)
    • Closing Cost (advised to use the default amount)
  • Residence Information
    • Property Taxes
    • Maintenance Costs
    • Homeowner’s Insurance
    • Appreciation
    • Other Costs
    • State and Federal Taxes
    • How Long will the Applicant Stay at the Property
    • Real Estate Agent Commissions (if any)
    • Closing Costs

To determine whether a current loan should be restructured either to capture a lower interest rate or to take money out that has been paid to the bank.

The following should be entered to see what the new loan would cost versus the current:

Time to Refinance

Time to Refinance

  • Current Loan Information
    • Term
    • Date of Origination
    • Current Interest Rate (As a Percentage)
  • New Loan Information
    • Cash Out Amount (if any)
    • Interest Rate
    • Points
    • Fee(s) and Closing Costs
    • Term
  • Other
  • Income Tax Rate
  • Savings Rate
  • Length of stay at property

The calculator will automatically display the results as the inputs are altered/the fields are filled out.

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