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June 19, 2009, Newsletter Issue #172: Fixed or ARM – Choose with a Mortgage Interest Calculator
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Tip of the Week
Not all mortgage interest rates are made the same. Not all mortgage programs are either. Most people will have a choice between a fixed interest rate and an adjustable interest rate on their mortgage. If you are trying to choose between these two options, using a mortgage interest calculator can answer some of the biggest questions for you. Calculating a fixed interest rate mortgage loan is simple with a mortgage interest calculator. Simply enter all of the mortgage information and you can see what the payment will be for the life of the loan.
Using a mortgage interest calculator to examine an adjustable rate mortgage (ARM) is a little more complicated. First, calculate your introductory rate the same way that you would calculate your fixed loan. This will be the payment for the length of the introductory rate. Now, calculate your worst-case-scenario adjustments for the future of the loan. This is done by adjusting the rate to the maximum allowable adjustment. All ARMs have limits on their adjustments, so use this number to see the worst case scenario. This is the number to go on for the future of your loan. It is up to each home buyer to decide what type of mortgage rate is best for them. However, you can make a smarter decision on your home loan by using a mortgage interest calculator before you sign on the dotted line.
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