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FDIC-Insured - Backed by the full faith and credit of the U.S. Government

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FDIC-Insured - Backed by the full faith and credit of the U.S. Government

Our branches will be closed on Tuesday, November 11, in observance of Veterans Day.

Note: This interactive calculator is intended as an educational tool but not as investment advice. The information presented isn’t designed to advise you of strategies which are applicable to your specific situation but rather to highlight issues for your consideration. Therefore, you should always consult your financial or tax advisor. Your own goals will help you to develop a specific financial strategy.

How Much Will Your Loan Really Cost FAQs

• Loan amount: The principal amount you're borrowing

• Interest rate: Annual percentage rate (APR) which includes rate plus fees

• Loan term: Length of repayment (15-year vs 30-year makes a big difference)

• Down payment: Larger down payments reduce loan amount and total interest

• PMI and fees: Private mortgage insurance, origination fees, and closing costs

• Shorter terms (15-year): Higher monthly payments but significantly less total interest

• Longer terms (30-year): Lower monthly payments but much higher total interest cost

• Example impact: A 30-year loan can cost 2-3x more in total interest than 15-year

• Break-even point: Consider how long you plan to stay in the home

• Extra payments: Even small additional principal payments can save thousands

• Shop for better rates: Even 0.25% difference saves thousands over loan life

• Make extra principal payments: Apply windfalls, tax refunds, or round up payments

• Refinance when rates drop: Consider refinancing if rates fall significantly

• Avoid PMI: Put down 20% or pay extra to reach 20% equity faster

• Choose shorter term: If you can afford higher payments, save dramatically on interest

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FNBO is an Equal Opportunity/Affirmative Action/Veterans/Disability Employer.

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Only deposit products are FDIC insured.

 Investment Products are: NOT FDIC INSURED • NOT A DEPOSIT OR OTHER OBLIGATION OF THE BANK • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NOT GUARANTEED BY THE BANK • MAY LOSE VALUE