Mortgage Calculator - ARM VS Fixed Rate
Our mortgage calculator is perfect for comparing the amount you will pay monthly on your mortgage if you choose a fixed rate mortgage, a fully amortized adjustable rate mortgage (ARM) or an interest only adjustable rate mortgage. It could help you decide what kind of mortgage is best for you.
Specify the mortgage amount you are looking to borrow, the length of the loan term for total repayment (not just the 5 or 3 year term you are arranging now), and the interest rate you expect to be charged. The online calculator will present you with both the total monthly payments plus the amount of interest you will pay for each option.
You will notice that there is a button at the bottom of the calculator that says "Create Comparison Report and Payment Schedule". Click that button once you have completed your calculations and you can print out a sheet that compares all of the options. It also provides you with a month by month running total of how much you will owe after each mortgage payment in each of the scenarios you created.
This is a terrific tool for comparing your mortgage options.