Considering membership? Use this america first credit union mortgage calculator to estimate your monthly payments based on current AFCU rates, loan terms, and down payment options for Utah and Nevada residents.
AFCU Mortgage Calculator
America First Credit Union Mortgage Calculator Formula
America First Credit Union uses the standard amortization formula for calculating principal and interest payments on fixed-rate loans:
Variables
- M: Monthly Payment (Principal & Interest).
- P: Principal Loan Amount (Price minus Down Payment).
- i: Monthly Interest Rate (Annual Rate / 12).
- n: Total Number of Payments (Years × 12).
Related Calculators
- First-Time Home Buyer Calculator
- Mortgage Affordability Calculator
- Refinance Savings Calculator
- Construction Loan Calculator
What is America First Credit Union Mortgage Calculator?
An america first credit union mortgage calculator is a resource for potential borrowers exploring home loans with one of the largest credit unions in the western United States. AFCU offers a variety of mortgage products, including low-down-payment options for first-time buyers, construction loans, and lot loans.
This calculator provides a baseline estimate for your monthly obligation. Keep in mind that AFCU services their own loans, which many members find convenient, and they may offer lower fees compared to traditional banks.
How to Calculate America First Mortgage (Example)
Let’s calculate a standard scenario:
- Home Price: $400,000.
- Down Payment: 20% ($80,000).
- Loan Amount (P): $320,000.
- Interest Rate (r): 6.5% fixed.
- Term (n): 30 years (360 months).
- Monthly Rate (i): 0.065 / 12 = 0.005416.
- Result: The estimated monthly payment is approximately $2,022.67.
Frequently Asked Questions (FAQ)
Yes, AFCU offers 100% financing options for first-time homebuyers and on certain VA loans for eligible veterans, allowing you to buy a home with no down payment.
Yes, you must be a member of America First Credit Union to get a loan. Membership is open to residents of Utah, Nevada, Arizona, Idaho, Oregon, and New Mexico, as well as employees of select partner companies.
This calculator estimates Principal and Interest only. You will need to add property taxes and homeowners insurance to get your full PITI payment.
Yes, America First is well-known for its “one-time close” construction loans, which can save borrowers money on closing costs when building a new home.