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Mortgage Info > Mortgage Calculators > 2/28 Adjustable Rate Mortgage Calculator 

2/28 Adjustable Rate Mortgage Calculator

2 / 28 Adjustable Rate Mortgage Calculator* - Calculate the monthly payments for a 2 / 28 ARM loan and view how much the first loan adjustments will be.  A 2 / 28 ARM is a 2 year fixed rate mortgage with monthly payments and rate is fixed for first 2 years of the loan, then becomes an adjustable rate mortgage. 2/28 adjustable rate mortgages allow you to accustomed to making a lower mortgage payment and help you qualify for a larger loan amount due to lower mortgage rates. This adjustable rate mortgage calculator displays worst case scenario as principal pay-down is not calculated in the 2 year fixed rate mortgage. All 2 year loan options assume a 6% lifetime interest rate cap. 

Mortgage Calculator 2 Year Fixed Rate Mortgage Calculator Instructions

Step 1: Enter Your Estimate Adjustable Rate Mortgage Loan Amount
Step 2: Enter Your 2/28 ARM Loan Start Rate & Amortization Type
Step 3: Click "Calculate 2/28 Adjustable Rate Mortgage Loan"

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2 / 28 Adjustable Rate Mortgage Calculator  ///
Mortgage Loan Amount  
Starting Interest Rate
Maximum Rate Adjustments
2 Year Fixed Rate Mortgage Calculator Results ///
Max. Adjustments Monthly Payment Monthly Increase % Increase of Payment  Mortgage
Loan Amortization
24 Months
% % Mths
% % Mths
Second Adjustment % % Mths
Third Adjustment % % Mths
Fourth Adjustment % % Mths
% % Mths
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2 / 28 ARM Loan Adjustment Summary ///
This adjustable rate mortgage calculator assumes a worst case scenario for a 2 year adjustable rate mortgage. For this worst case scenario to take place, your ARM loan's "Index" will need to increase by at least Label % at each one of the Label month adjustments. Here is the definitions of each field:

Monthly Payment: Based on a loan amount of
Label and an start rate of Label%  your monthly payments would be Label. This field indicates your worst case scenario of new maximum monthly payment after each interest rate adjustment . These mortgage payments do not include property taxes, homeowners insurance or PMI (private mortgage insurance) if applicable. 

Monthly Difference: This displays the difference in monthly mortgage payments from the initial starting monthly payments of
Label and the worst case scenario payment of Label at the first payment adjustment and the four following adjustments. Based on the information you provided, in Label months your montly payment would increase by a maximum of  Label per month.

% Increase: This indicates the increase in monthly  payments as a percentage amount over the inititial starting monthly payments. In this scenario, assuming a worst case, your payments would increase by
Label % over your intitial monthly payments of Label.

Mortgage Rate: Your initial mortgage start rate is
Label %. Based on your selections, the maximum interest rate at the time of the first loan adjustment in Label months would be Label %. Typically most 2 / 28 adjustable rate mortgages have a maximum 6% life time cap for the mortgage which would be Label %. 

Loan Amortization: This indicates the amortization schedule of your 2 / 28 adjustable rate mortgage. You are beginning with a 30 year mortgage. At your first mortgage payment adjustment in 24 months, your mortgage payment is based on a
Label years fully amortized loan wtih an interest rate of Label%. At your second adjustment, your loan is calculated on a on Label year full amortized loan at the new higher mortgage rate. At each loan adjustment, your amortization schedule gets progressively shorter, thereby increasing the monthly payments.

If you have any questions or comments regarding the results of this mortgage calculator, please feel free to contact us. View other mortgage calculator.
Adjustable Rate Mortgage Calculator Disclosure* - The information provided on or through this site is for purposes of general consumer education only and is not intended as a substitute for advice from a qualified professional, such as, but not limited to, a lawyer, mortgage broker, accountant, investment advisor, insurance broker, financial planner, real estate agent or home inspector. We can not and do not guarantee the accuracy or the applicability of this information provided by the 2 year fixed rate mortgage calculator to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance and real estate issues.


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