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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.

The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

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About Appraisals >Refinancing Your Home Interest rates fluctuate as changes occur in the general economy. If you purchased your home when interest rates were higher, you may want to consider re-financing your loan at a lower rate. You will have to apply for the new mortgage and have your current income eligibility assessed. Depending on how long you have had your present loan, a current appraisal may be required. There are closing costs, such as attorney, title fees, recording and notary fees, and appraisal charges. The biggest factor in your decision should be the length of time you plan to remain in your home. If you will be there for only a year or two more, it might not pay to re-finance. If you will be in your home longer, re-financing could provide you with lower mortgage payments. Your real estate agent can help you work out the numbers and can refer you to reputable home appraisers and mortgage lenders. See All Tips In The "About Appraisals" Category > See Complete Library Of Hundreds Of Tips In 30+ Categories >

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