Microsoft Font Maker is described as 'Use your pen to create a custom font based on the nuances of your own handwriting. Install the fonts you create to add a personal touch to everything you do'. There are six alternatives to Microsoft Font Maker for Online / Web-based, Self-Hosted solutions and Windows. The best alternative is Calligraphr, which is free. Other great apps like Microsoft Font Maker are CopyMonkey (Free, Open Source), Cheap Font Generator (Paid), Scanahand (Paid) and Fontifier (Freemium).
Fontifier lets you use your own handwriting for the text you write on your computer. It turns a scanned sample of your handwriting into a handwriting font that you can use in your word processor or graphics program, just like regular fonts.
YourFonts is an online font generator that turns your handwriting into a font that you can use in every program that you own. 250,000+ fonts already made! It allows you to create your own OpenType fonts within a couple of minutes.