What this mortgage calculator can do, is help you compare a fixed rate mortgage with a fully amortized adjustable rate mortgage and an interest only adjustable mortgage.
Under heading Loan Information, in the first box you need to enter the mortgage loan amount.
Now here in the second box, enter the mortgage loan-term. For example, a mortgage for 30 years can be entered by using the drop-down box.
In this third box, you would enter the expected adjustment percentage.
Now under Fixed Rate Mortgage heading, you enter the fixed interest rate that you expect.
Next, under The Heading Fully Amortized Adjustable Rate Mortgage, you first you're beginning interest rate.
In the second box under this heading, enter the number of months before the first interest rate adjustment. For example, if your First interest rate adjustment is 5 years from now, enter 60 for the number of months.
The last box under this heading, is the interest rate cap percentage. All adjustable rate mortgages have a cap. This is the maximum amount the interest rate can adjust over the lifetime of the loan.
Under the last heading, Interest-Only Adjustable Rate Mortgage, enter the beginning interest rate in the first box.
Next in this second box, you would enter the number of months before the First Rate adjustment.
In the third box under this heading, you would enter the interest rate cap for this mortgage.
After you have entered all these numbers, simply click the compute comparisons orange button. If you need to start over just click the clear button.
Your comparison results will show up in the three columns just below.
If you would like to create a report, simply click the bottom button create comparison report and payment schedule.
You can read our page on "Good Faith Estimate Explained" for further information on closing costs for a loan as additional information.
I hope you find this calculator helpful, if you're shopping for a new mortgage and would like to consider your options.
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