Mechanics Bank Mortgage Rates and Calculators


Mechanics Bank Online Banking » Mechanics Bank Mortgage Rates and Calculators

Mechanics Bank mortgage calculators help those who want to apply for a mortgage to determine the financial implications of taking out the loan. They can make a decision on whether the loan terms are favorable and help them plan for the repayment. For more information about Mechanics Bank mortgage products, click here.  You can also get in touch with a mortgage professional at 1.800.797.6324 or visit your local branch.

Sponsored Links

Rates

Mechanics Bank mortgage rates vary based on a number of factors including your credit rating. To get a customized quote for your mortgage visit a branch location or get in touch with customer service.

Calculators

 How to Calculate

 

This calculator helps users determine the monthly payment and amortization schedule for their loans. The following entries are required:

  • Mortgage amount
  • Interest rate
  • Term in years
  • Property taxes
  • Home insurance

Click “Calculate” to compute.

This calculator is used by mortgage applicants to determine whether or not they should buy mortgage points. The following entries are needed:

  • Mortgage with points:
    • Monthly payment
    • Mortgage amount
    • Term in years
    • Discount points
    • Points rate
  • Mortgage without points:
    • Monthly payment
    • Loan amount
    • Interest rate
  • Mortgage Points Calculator Inputs:
    • Years in home

Click “Calculate” to compute.

This calculator helps mortgage applicants to compare the 15 and 30 year mortgage in order to find out which will work out best for them. The 15 year mortgage usually has higher monthly payments but is cheaper in the long run. The following inputs are required:

  • Mortgage amount
  • Your marginal tax rate
  • Interest rate for 15 years
  • Interest rate for 30 years

Click “Calculate” to compute.

This calculator helps users to work out how much they will be paying on a monthly basis towards an adjustable rate mortgage. The following variables are required for computation:

  • Mortgage amount
  • Term
  • Interest rate
  • Monthly payment
  • Months before first adjustment
  • Months between adjustments
  • Expected adjustment
  • Interest rate cap

Click “Compute” to calculate.

This calculator helps applicants calculate the APR on their mortgage. The following variables must be entered:

  • Mortgage amount
  • Term
  • Interest rate
  • Closing Costs

Click “Compute” to calculate.

Points and interest paid towards a mortgage are tax deductible. This calculator helps users determine how much they can save in income taxes by talking out a mortgage.

  • Mortgage amount
  • Term in years
  • Interest rate
  • Federal tax rate
  • State tax rate
  • Closing Costs

Click “Compute” to calculate.

This calculator helps mortgage applicants determine whether a balloon mortgage is the right choice for them. The following entries are required:

  • Mortgage amount
  • Term in years
  • Interest rate
  • Prepayments

Click “Compute” to calculate.

This calculator helps users compare a fixed rate mortgage to an interest only ARM and a fully amortized mortgage. The following entries are required:

  • Fixed Rate Mortgage:
    • Mortgage amount
    • Term in years
    • Interest rate
  • Fully Amortizing ARM/ Interest only ARM:
    • Initial interest rate
    • Months rate fixed
    • Expected Adjustment
    • Interest rate cap
    • Initial interest rate
    • Months rate fixed
    • Expected Adjustment
    • Interest rate cap

Click “Compute” to calculate.

This calculator gives users an amortization schedule for their interest only mortgage. The following entries are required:

  • Mortgage amount
  • Term
  • Interest only period
  • Interest rate
  • Prepayments

Click “Compute” to calculate.

This calculator helps users to determine how much they can save with an Option ARM loan. The following entries are required:

  • Fixed Rate Mortgage:
    • Mortgage amount
    • Term
    • Interest rate
  • Fully amortizing ARM:
    • Interest rate
    • Months rate fixed
    • Expected Adjustment
    • Interest rate cap
  • Interest only ARM:
    • Interest rate
    • Months rate fixed
    • Expected Adjustment
    • Interest rate cap
  • Option ARM:
    • Interest rate
    • Fully indexed rate (FIR)
    • Interest rate cap
    • Months at initial rate
    • Months rate fixed
    • Expected Adjustment

Click “Compute” to calculate.

 

 

 

Sponsored Links