Here's a tool that will help you to compare the total monthly payment on fixed rate and adjustable rate (fully amortizing and interest-only) loans for a specific time period. You can also figure out the total interest and maximum monthly payment payable on an FRM and ARM.
Note: Monthly Payment includes monthly principal and monthly interest only.
Borrowers using this calculator also use
- Calculate monthly payments on Fixed Rate Mortgage (FRM)
- How much to pay on your Adjustable rate loan