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.