Weighing the pros and cons of a fixed rate mortgage vs. adjustable rate mortgage (ARM) can be complicated. To compare these options, factor in the length of the loan, when and how often adjustments occur, which index the lender will use, plus any assumptions about future interest rates. This calculator will make the process simple and walk you thru running the numbers.
These are the total costs of the loans over the years you have specified.
These calculations are tools for learning more about the mortgage process and are for educational/estimation purposes only. Payment shown does not include taxes, insurance, or mortgage insurance (if applicable). This does not constitute an offer or approval of credit. Contact a PrimeLending home loan officer for actual estimates.
For example, a Conventional fixed rate loan with the terms purchase price of $312,500, on a loan term of 360 months, down payment of 20%, and an interest rate of 6.5%, will result in an annual percentage rate of 6.598% with $3,613 in APR fees. Rate pulled 09/02/22, rates change daily. Loans are subject to borrower qualifications, including income, property evaluation, and final credit approval.