Home Loans


Buying a new home should be a pleasant experience.

We’d like to help make it that way by taking the worry out of applying for a mortgage. That’s why we would like you to take our Home BuyAbility Test. It will help you find out how much home is right for you. Select A Mortgage Loan To Fit Your Financial Situation. Before you apply for your mortgage loan, you should decide which type of loan may be right for you.

  • Conventional Fixed Rate have a fixed principal and interest payment for the entire life of the loan. It’s easy to budget for this type of loan because your payment will always be the same. The rate on a fixed rate mortgage loan is generally higher than an adjustable rate mortgage.
  • Conventional Adjustable Rate Loans usually start with lower rates than fixed rate loans. We’ll let you know how much the rate can be adjusted over the life of the loan, so you’ll know from the beginning the absolute maximum amount you would ever have to pay. If you will be moving or paying off your loan in a few years, or if you think interest rates will decline, you’ll want to consider an adjustable rate since monthly payments may be lower.
  • FHA, VA, and USDA Loans offer lower interest rates and require a relatively small down payment.

Mackinac offers a  number of other loan products. Once of our loan officers can help you with a selection. Once you know approximately how much home is in your price range, use the guide below or our Mortgage Loan Calculator to estimate your monthly payments of principal and interest. Closing costs are normally paid in a lump sum at the time you take out the loan. Other annual costs such as an escrow for taxes and insurance are not included on the chart, but may be added to your monthly payments.

Monthly Mortgage Payment Guide

Mortgage Amount4% APR5% APR6% APR7% APR
$60,000 $286$322$360$399
$80,000 $382$429$480$532
$100,000 $477$537$600$665
$120,000 $573$644$719$798
$140,000 $668$751$839$931
$160,000 $764$859$959$1,064
$180,000 $859$966$1,079 $1,198
$200,000 $955$1,074 $1,199 $1,331
The above rates are for illustrative purposes only. They are based on the Annual Percentage Rate (APR) indicated for principal and simple interest with a term of 30 years (360 payments) and assumes a 20% downpayment. We offer a variety of mortgage plans. Is Refinancing Right For You? Generally, it’s a good idea for you to consider refinancing whenever the interest rate for mortgages is more than two percentage points less than your present mortgage. Apply Online today, or for more details, speak to one of our mortgage loan officers, or call us toll free (800) 829-9259.