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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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