Loan Calculator - ARM vs Fixed Rate Mortgage
A fixed rate mortgage has the same payment for the entire term of the loan. An adjustable rate mortgage (ARM) has a rate that can change, causing your monthly payment to increase or decrease. Use this calculator to compare a fixed rate mortgage to two types of ARMs, a Fully Amortizing ARM and an Interest Only ARM.
Disclaimer: Your actual rate, payment and costs could be higher: Get an official Loan Estimate before choosing a loan.