First Nationwide Lending’s Mortgage Calculator will allow borrowers to calculate their monthly mortgage payments. Use our Florida mortgage calculator to find how much home you can afford.

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The interest rate of a mortgage, is necessary in order to calculate your monthly mortgage payment. The better the mortgage rate is, the more affordable the home is. When getting a mortgage, there are three(3) main interest rate structures.

  1. Fixed Rate Mortgages – Rates that do not change over the course of the loan
  2. Adjustable Rate Mortgages – These rates change over time, based on movements in the financial markets and loan terms negotiated with lenders
  3. Hybrid Adjustable Rate Mortgages – These mortgages have fixed rates for the first 3,5,7, or 10 years, and then they convert into adjustable rate mortgages.

The best way to get a low mortgage rate is getting quotes from multiple mortgage lenders, and then comparing the interest rates, the terms of the loan, and the closing costs.


A fixed-rate mortgage a type of set and forget, mortgage” It remains the same from the day you get your mortgage  until the day it’s paid off. While the 30-year fixed rate mortgage is most popular, this type of mortgage also comes with 10, 15, 20 and 25-year options. Generally, shorter terms mean lower rates. While fixed rate mortgages are normally considered low-risk mortgages, there is always the chance that interest rates will fall. In that case, you won’t be able to take advantage of lower rates without refinancing.


ARMs, or adjustable rate mortgages, have rates that change based on movements in financial markets and the terms of the loan.


Hybrid adjustable rate mortgages have some of the best features of both fixed and adjustable loans. In the beginning, they have a start rate, which is a fixed rate for a number of years. After a set amount of time, which is predetermined, the loan converts into an adjustable rate mortgage. Hybrid adjustable rate mortgages can save you money, especially if you don’t plan to keep your home for many years, or plan to pay off your mortgage quickly.

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1990 Main Street, Suite 750
Sarasota, FL 34236
Phone: (941) 256-3729
Toll Free: (877) 442-4023

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