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Adjustable Rate Mortgage Calculator
Adjustable Rate Mortgage Calculator
Adjustable rate mortgages can provide attractive interest rates, but your
payment is not fixed. This calculator helps you to determine what your
adjustable mortgage payments may be.
Definitions
- Mortgage amount
- Original or expected balance for your mortgage.
- Starting interest rate
- Initial annual interest rate for this
mortgage.
- Term in years
- The number of years over which you will repay this
loan. The most common mortgage terms are 15 years and 30 years.
- Interest rate cap
- This is the highest interest rate allowed by
your mortgage. Your actual interest rate will not be adjusted above this rate.
- 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.
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