Arvest Bank Mortgage Rate Calculators

The Arvest bank online mortgage calculators can give an idea of the scope of a loan based on a person or family’s income and whether or not they should purchase vs renting, refinance, affordability (payment amounts), and other variables that may help the determine their financial capabilities.

Rates

In order to get an exact amount for the rate of interest (%) the user should apply either Online, by Telephone at 1(866) 952-9523, or by going inside a Bank Location.

Calculators

How to Calculate

The applicant should enter the following;

  • 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

Click on the ‘COMPUTE’ button on the bottom and the calculator will state, if any, the savings of purchasing rather than renting.

Used to compare up to 3 different types of loans either from Arvest or another bank to determine the best payment, interest rate, and term for the applicant.

The following must be inputted 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

For universal values the Home Price, Income Tax Rate, Tax Savings Rate, Savings Rate (as a Percentage), and the Length of Stay at the residence.

Once complete click the red ‘COMPUTE’ button to view all loan types and their figures to determine which one would be best to apply.

Type in the following income information in order to determine how much of a loan the applicant may be able to pay per month for a mortgage;

  • Highest Payment the Applicant may Afford
  • Monthly Insurance (along with other costs)
  • Monthly Association Dues (if any)
  • Downpayment
  • Term of Loan
  • Interest Rate
  • Tax Rate (combined State and Federal)

The applicant has the option of seeing the Payment Schedule and the Payment Schedule with tax Benefit if desired by checking the boxes. Once all the information is entered the ‘COMPUTE’ button should be clicked.

A balloon mortgage is intended on keeping the monthly payment low during the term of the loan and saving the balance to be paid in full at a future time. The following should be entered to figure the payments;

  • Home Purchase Price
  • Down Payment Amount
  • Amortization Period
  • Balloon Payment Timeframe
  • Interest Rate

The user has the option to view the full payment schedule by clicking the box. After the information is entered the ‘COMPUTE’ button should be clicked.

In order for an applicant to see how much their monthly payment will be on a loan they will have to first determine which type of loan;

Fixed Rate – Maintains the same interest rate percentage throughout the term but may be a bit higher than the adjustable rate. This comes with the added security that if rates rise that the borrower will keep the same interest amount.

  • Home Price
  • Down Payment
  • Loan Term
  • Interest Rate

Click the ‘COMPUTE’ button to determine the monthly amount through the term.

Adjustable Rate – The rate fluctuates and is determined by the federal reserve. The borrower will usually have a lower rate than the fixed at the time of origination but runs the added risk of having it rise in the future.

  • Home Price
  • Down Payment
  • Loan Term
  • Beginning Interest rate
  • Rate Cap
  • Maximum the Interest Rate may be at the First (1st) Interval)
  • Maximum amount of Interest Rate escalation at each Interval
  • Number of Months before the First Increase
  • Number of Months before Subsequent Rate Increases

Click the ‘COMPUTE’ when finished.

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 be versus the current;

  • 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
  • How Long do you Wish to Stay at the Property?

Choose between viewing a Graph, Payment Schedule, or Refinance Schedule and click the ‘COMPUTE’ button.

The following information should be entered to view how much the applicant may pay for a residence;

  • Household Income – Gross amount of all the persons contributing to the loan.
  • Minimum Credit Card Payments per Month
  • Car Payment(s)
  • Other Fixed Monthly Amounts
  • 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)

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