Check out what your monthly payment could be by using our Adjustable Rate (ARM) Mortgage Calculator…
Our mortgage calculators are for demonstration purposes only and may not reflect actual numbers for your specific mortgage. Contact us and we will walk you through the best possible mortgage scenario for your specific needs!
Monthly Payment Over Time
Year 1
Month 0
$0
year 1
year
Interest Rate:
Principal
$
Interest
$
PMI
$
Taxes & HOA
$
Homeowners Insurance
$Loan Totals:
Purchase Price
$
Down Payment
$
Total Loan Amount
$
Adjustable Rate Types
10/1 ARM
Fixed for 120 months, adjusts annually for the remaining term of the loan. 7/1 ARM
Fixed for 84 months, adjusts annually for the remaining term of the loan. 5/1 ARM
Fixed for 60 months, adjusts annually for the remaining term of the loan. 3/1 ARM
Fixed for 36 months, adjusts annually for the remaining term of the loan. 10/6 month ARM
Fixed for 120 months, adjusts every 6 months for the remaining term of the loan. 7/6 month ARM
Fixed for 84 months, adjusts every 6 months for the remaining term of the loan. 5/6 month ARM
Fixed for 60 months, adjusts every 6 months for the remaining term of the loan. 3/6 month ARM
Fixed for 36 months, adjusts every 6 months for the remaining term of the loan.
Fixed for 120 months, adjusts annually for the remaining term of the loan. 7/1 ARM
Fixed for 84 months, adjusts annually for the remaining term of the loan. 5/1 ARM
Fixed for 60 months, adjusts annually for the remaining term of the loan. 3/1 ARM
Fixed for 36 months, adjusts annually for the remaining term of the loan. 10/6 month ARM
Fixed for 120 months, adjusts every 6 months for the remaining term of the loan. 7/6 month ARM
Fixed for 84 months, adjusts every 6 months for the remaining term of the loan. 5/6 month ARM
Fixed for 60 months, adjusts every 6 months for the remaining term of the loan. 3/6 month ARM
Fixed for 36 months, adjusts every 6 months for the remaining term of the loan.
PMI
The PMI (Private Mortgage Insurance) is a mortgage lenders' protection in the event of a default. PMI is paid monthly as part of your mortgage payment to the lender. Once a borrower has paid the equivalent of the 20% down payment, PMI can be removed from the monthly mortgage payment.
Estimated Initial Payment
$ /mo
ARM Type
Loan amount
$
Down payment
$
Interest rate
Loan term
Taxes & insurance included?
Property tax
Homeowner's insurance
$
Mortgage insurance
$
HOA dues
$
Initial Payment Breakdown
Amortization
Principal vs. Interest
Amortization Schedule Breakdown
Our detailed amortization schedule breaks down your mortgage payments, showing how they are split between interest and principal over the life of your loan.
Note: The actual monthly payment may be higher than what is shown here, as this schedule does not account for variable costs such as property taxes and home insurance, which are often included in your total mortgage payment.
- Principal payments: $$240,000 (the amount borrowed)
- Interest payments: $$297,554 (the cost of borrowing)
Is an Adjustable Rate Mortgage loan right for you?
Comparing fixed rate and ARM mortgages will help your client choose the best home loan for their current needs and future goals. According to the latest data from the Mortgage Bankers Association, 95% of borrowers select a Fixed Rate Mortgage, even though it may not be the best option for them. The most common loan originated is a 30 year fixed rate. However, the average lifespan of a mortgage is under 10 years. It’s very common for people to obtain a new loan through a refinance or new home purchase prior to the end of the term.
In today’s rising rate environment, is an ARM something to consider? We think so, especially our long 10 year and 15 year ARM products as they are safe and will give you a competitive edge.
Adjustable Rate Mortgage loan options and highlights:
- Terms include: 3, 5, 7, 10, and 15 year
- Our 15/6 ARM product is amortized over a 30 term and current rates are roughly .5% lower than the 30 yr fixed term. This offers borrowers less risk than other comparable loan products.
- 10/1 ARM has a fixed rate for the first 10 years of the loan. The rate then becomes variable and adjusts every year for the remaining life of the term.
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