These might be costs like the appraisal, property taxes, property insurance, title insurance, realtor fees, etc.
Other Closing Costs: Any other costs you’ll be paying during the closing of your loan. Check ‘Roll into Loan’ if the cost of the loan points is being financed and included in the ‘Loan Amount’. Points: The number of points (or percentage of the loan amount) you’ll be paying to close this loan. Even though additional principal doesn’t pay an adjustable rate mortgage off a lot quicker, it does keep the payments more even between the high and low interest rate as it is adjusted. That’s because each time the interest is adjusted the payment changes and is calculated on the balance at the time of adjustment spread over the remaining payoff time. While paying additional principal each month on a tradional mortgage has a significant effect on the payoff time, it does not have that same effect on the payoff time of an adjustable rate mortgage. Also choose whether ‘Length of Loan’ is years or months.Īdditional Principal: The additional amount you will pay each month (over the required monthly amount) to pay down the principal on your loan. Length of Loan: How long you will pay on this loan. Maximum Interest Rate: Your interest rate cannot go higher than ‘Maximum Interest Rate’. Also choose whether ‘Minimum Length Between Steps’ is years or months.
Minimum Length Between Steps: Each interest rate adjustment will hold the new rate for at least this long. Maximum Interest Rate Step: The maximum percent your interest rate can go up each time it is adjusted. Also choose whether ‘Length of Initial Fixed Rate’ is years or months. The ‘Length of Initial Fixed Rate’ is probably several years and is usually longer than the ‘Minimum Length Between Steps’. Length of Initial Fixed Rate: The length of time the ‘Initial Interest Rate’ is guaranteed or fixed. Initial Interest Rate: The initial interest rate for your adjustable rate mortgage. (NOT the amount of money you plan to borrow.)ĭown Payment: The amount of money you plan to put as a down payment on your property. Sale Price: The sale price for your property. This field is not required but may help if you have printed out several loan scenarios. Lender: The name of your potential lender. Title: A title for these calculator results that will help you identify it if you have printed out several versions of the calculator. You can display and/or print the amortization schedule for your loan.
You can even enter an additional payment amount you intend to pay each month to work down your principal and the calculator will show you the anticipated payoff time. You can also enter the points and other closing costs and roll those into your loan. This calculator will then show you the initial fixed rate monthly principal and interest payment, your maximum monthly principal and interest payment, the total amount of interest you will pay and the total amount of money you will spend over the life of the loan. Also enter the length of the entire loan. Then enter the initial fixed interest rate and the guaranteed fixed rate length, the maximum interest rate adjustment and the minimum length of time between adjustments, and the maximum interest rate for the loan. Enter your sale price and any down payment you’re making. The calculator has the interest rate always go up after the minimum length between steps and it always goes up the maximum step percent until the interest rate reaches the maximum. Note that this calculator is designed to show you the worst case scenario or maximum possible payout for an A.R.M., which is not likely to actually happen. How much might my payments be with an adjustable rate mortgage?Ĭalculate the monthly payments for an adjustable rate mortgage (A.R.M.) loan.
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