Michigan First Credit Union Mortgage Calculators


Michigan First Credit Union Online Banking » Michigan First Credit Union Mortgage Calculators
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Michigan First Credit Union provides one mortgage calculator on their website that can be used for determining a quick estimation of a mortgage’s monthly payment. Michigan First Mortgage is the credit union’s secondary website that is devoted solely to providing detailed overviews of their various mortgage and home financing offers. This website also has numerous mortgage and home finance calculators available for all users, which are linked to and described in the ‘How to Calculate’ section below.

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Rates

Detailed rate information for all loan types can be viewed on this webpage, or alternatively on this website (for mortgage-specific information).

Calculators

How to Calculate

Note: The majority of these calculators are multi-step, and require multiple form submissions to successfully calculate results.

This calculator is used to determine the approximate amount that will be paid monthly towards a mortgage. The following inputs are required:

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  • Amount of loan
  • Interest rate
  • Value of home
  • Taxes (annual, percentage or dollar amount)
  • Insurance (annual, percentage or dollar amount)
  • PMI (annual, percentage or dollar amount)

After ensuring each step has been completed, users must click the ‘Calculate’ button to view their results.

Used to calculate the total amount of interest paid, principal applied, and overall balance for a mortgage. Enter the following:

  • Amount of loan
  • Interest rate
  • Term length (years)
  • Months already paid off

Click the ‘Calculate’ button once the above fields have been filled out.

Enter the following into the calculator’s fields:

  • Amount of loan
  • Interest rate (before)
  • Interest rate (after)
  • Term length (in years, before)

  • Term length (in years, after)
  • Months already paid off
  • Years remaining prior to sale
  • Points (percentage)
  • Origination fees (percentage)
  • Closing costs
  • Tax rate
  • State tax rate

After ensuring each step has been completed, users must click the ‘Calculate’ button to view their results.

This calculator can determine the overall affordability of a mortgage, based on the following inputs:

  • Down payment amount (percentage or dollar amount)
  • Amount of loan
  • Interest rate
  • Term length (years)
  • Approximate front ratio (dollar amount)
  • Approximate back ratio (dollar amount)
  • Income information
  • Various debt information
  • Tax and insurance information

Ensure each step has been completed, and click the ‘Calculate’ button to view the results.

Use this calculator to determine an estimation of interest-only payments on a mortgage, as well as the total amount of principal and interest. Enter the following inputs:

  • Amount of loan

  • Interest-only rate
  • Loan rate (conventional)
  • Term length (years)

Click the ‘Calculate’ button once the above fields have been filled out.

Calculates an estimated value for the potential savings that contributing more to a mortgage’s monthly payment will bring. The following inputs are required:

The ‘Calculate’ button can be clicked once the above variables have been entered.

Used to to provide a quick estimation of how much income an individual will need to qualify for a specific mortgage. The following fields must be filled out:

  • Value of home
  • Down payment (percentage or dollar amount)
  • Interest rate
  • Term length (years)
  • Front ratio (estimated)

  • Back ratio (estimated)
  • Taxes (annual)
  • Insurance (annual)
  • PMI (annual)

Ensure each step has been completed, and click the ‘Calculate’ button to view the results.

This calculator determines the estimated length of a mortgage, based on the following inputs:

The ‘Calculate’ button can be clicked once the above variables have been entered.

 

 

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