Buying and Selling

Fixed vs. Adjustable Rate Mortgages

Compare your monthly mortgage payments for a fixed-rate and adjustable-rate mortgage (ARM) loan

Mortgages loans generally fall into two categories, fixed-rate and adjustable rate mortgages (ARMs). Use the calculator below to compare your options and get a better idea of which mortgage may be right for you.

With a fixed-rate mortgage, the rate stays the same for the life of the loan. Buyers who are worried about rising rates or who plan to be in their home for a long time may opt for a fixed-rate mortgage.

With an adjustable rate mortgage, the interest rate is only fixed for an initial period of time. At the end of the fixed-rate period, the interest rate can adjust either up or down. Buyers opting for the typically lower ARM rates will need to be ready to adjust to a higher (or lower) rate, depending on the market conditions at the time of the adjustments.

If you need help crunching the numbers or understanding the results, we’re here to help any way we can.

This calculator is made available by one or more third party service providers. It is not intended to be an advertisement for a product or service at any of the terms used herein. It is not intended to offer any tax, legal, financial or investment advice. All examples are hypothetical and are for illustrative purposes. SunTrust Banks, Inc. now Truist Financial Corp. ("Truist") and its affiliates do not provide legal or tax advice. Truist cannot guarantee that the information provided is accurate, complete, or timely. Federal and state laws and regulations are complex and are subject to change. Changes in such laws and regulations may have a material impact on pre- and/or after-tax investment results. Truist makes no warranties with regard to this calculator or the results obtained by its use. Truist disclaims any liability arising out of your use of, or any tax position taken in reliance on, this calculator. Always consult an attorney or tax professional regarding your specific legal or tax situation.