FirstMerit’s bank online mortgage calculators offer a wide variety of calculators that enable you to figure out a variety of scenarios that go into obtaining a mortgage. They offer calculators that give you the opportunity to calculate monthly payments, APR, rent vs buy, tax savings, and an adjustable rate.

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Obtaining an interest rate (%) from FirstMerit can be done Online, in person at a local branch near you, or by reaching customer service at 888-554-4362.


How to Calculate

The mortgage APR Calculator incorporated any fees into the overall interest rate. The calculator is good for allowing you to compare loans with different fees, rates, and different terms. Enter the following:

  • Mortgage Amount
  • Term in Years
  • Interest Rate (%)
  • Select either Annually or Monthly for the Amortization Report


Use this calculator to determine if refinancing your current mortgage is a good play. Manipulate your current interest rate, the new potential interest rate, amount of time you plan to stay in your home, and any closing costs.

Enter the Following:

  • Original Loan Amount
  • Appraised Value
  • Original Interest Rate
  • Term in Years
  • Years Remaining
  • Income Tax Rate
  • Report Amortization

After entering your information, hit “Calculate”. After every new adjustment, you will need to recalculate your numbers for new results.

There are two types of ARMs you can compare to a fixed rate mortgage. A Fully Amortizing ARM and an Interest Only ARM. An ARM (Adjustable Rate Mortgage) can fluctuate during the course of the loan, causing your interest rate to go up or down. A fixed rate mortgage will always stay the same and the interest rate will never change by going up or down, which is usually the safer bet.

Enter the following information into the calculator:

  • Mortgage amount
  • Term in years
  • Interest rate
  • Report Amortization (Select Monthly or Yearly)


Compare a 15 year mortgage to a 30 year mortgage and see the differences in interest rate and your potential monthly payment. By choosing a 15 year mortgage, your interest rate will naturally be less but your monthly payments will be much larger than a 30 year mortgage.

Enter the following information into the calculator:

  • Mortgage amount
  • Your marginal tax rate
  • Interest rate for 15 years
  • Interest Rate for 30 years


The mortgage loan calculator is designed to enable you to generate an estimated amortization schedule on your current mortgage. It will give you an idea of how much your monthly payments would cost and also your principal payment. It will even allow you to see how principal prepayments will effect your interest rate.

Please enter the following into the calculator:

  • Mortgage amount
  • Term in years
  • Interest rate
  • Select either “Monthly” or “Annually” before clicking “View Report”


The mortgage payment calculator is a good tool to examine possible monthly payments, principal balances by payment, total of all payments made, and total interest paid. Simply enter your desired payment and it will calculate your loan amount.

Before you enter any information into the calculator, you need to decide whether to calculate the Payment or the Loan Amount, then enter the following:

  • *Loan Amount
  • *Monthly Payment
  • Interest rate
  • Term in months

The mortgage payoff calculator should only be used if you are interested in in increasing your monthly mortgage payment in order to payoff your mortgage sooner.

Enter the following information into the calculator:

  • Years remaining
  • Original mortgage term
  • Original mortgage amount
  • Additional monthly payment
  • Annual interest rate


When deciding to rent vs buy, factors such as fees, taxes, and monthly payments, the rent vs buy calculator will help you make a decision between these two options. Enter the following into the calculator:

  • Purchase price (of the home)
  • Interest rate (as a percentage %)
  • Term in years




Depending on how you itemize your tax return, it’s possible to deduct the interest paid on your mortgage as well as the points that are paid when trying to lower your interest rate. See how much you can save on your income taxes by using their mortgage tax savings calculator by entering the following into the calculator:

  • Mortgage amount
  • Term in years
  • Interest rate
  • Federal tax rate
  • State tax rate


Adjustable Rate Mortgages are risky but can create attractive interest rates, meaning your interest rate will start lower than the average rate of a fixed rate mortgage. The Adjustable Rate Mortgage Calculator can give you a good idea of what your future payments might be after inputing your information. Input the following:

  • Mortgage amount
  • Term in years
  • Interest rate