Adjustable Rate Mortgage Loan

Use this calculator to estimate what your monthly adjustable mortgage payments may be.

Definitions:

Adjustable rate mortgage (ARM)

This calculator shows a fully amortizing ARM which is the most common type of ARM. The monthly payment is calculated to payoff the entire mortgage balance at the end of the term. After any fixed interest rate period has passed, the interest rate and payment adjusts at the frequency specified. A Fully Amortizing ARM will also have a maximum rate that it will not exceed.

Starting interest rate

Initial annual interest rate for this mortgage.

Term in years

The number of years over which you will repay this loan.

Interest rate cap

This is the highest interest rate allowed by your mortgage. Your actual interest rate will not be adjusted above this rate.

Months before first adjustment

This is the number of months that the interest rate is fixed. After this period, the interest rate will be subject to rate adjustments. If you enter zero in this field, we assume that the rate will begin making adjustments after initial period of time between adjustments has passed. If any number other than zero is entered, the first adjustment will take place at that time, and adjustments will happen at the frequency entered in the 'months between adjustments' field.

Expected adjustment

The amount you believe that your mortgage's interest rate will change. This amount will be added to or subtracted from your interest rate.

Months between adjustments

The number of payment periods between potential adjustments to your interest rate. The most common is 12 months, which means your payment could change at most once per year.

Starting monthly payment

Monthly principal and interest payment (PI) based on your beginning balance and starting interest rate.

Total payments

Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.

Total interest

Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.

Information and interactive calculators are made available to you as self-help tools for your independent use. We can not and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

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