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Mortgage Info > Mortgage Calculators > 7 Year Adjustable Rate Mortgage Calculator 

7 Year ARM Mortgage Calculator

7 Year Adjustable Rate Mortgage Calculator* - Calculate the monthly payments for a 7 yr , 7/1 or 7/23 ARM mortgage loan and view how much the first loan adjustments will be with this ARM calculator. A 7 year arm interest rate and monthly payment for first 7 years fixed, then it becomes an adjustable rate mortgage. 7 year arm rates are typically lower than a 30 year fixed rate mortgage rates which provides lower monthly payments with the security of a fixed mortgage payment for the first 7 years. This 7 1 arm calculator displays worst case scenario of a 7 year arm interest rate adjustments. All loan options of the 7 year ARM calculator assume a 6% lifetime interest rate cap.

Mortgage Calculator 7 Year Adjustable Rate Mortgage Calculator Instructions

Step 1: Enter Mortgage Loan Amount
Step 2: Enter Your 7 Year ARM Rate & Adjustment Terms
Step 3: Click "Calculate 7 Year Adjustable Rate Mortgage Loan"

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7 Year ARM Mortgage Calculator ///
Loan Amount  
Starting 7 Year ARM Rate  
Max. Rate Adjustments
 
7 Year ARM Calculator Results ///
Max. Adjustments Monthly Payment Monthly Increase Increase as a Percentage  Mortgage Rate Loan Amortization
Initial 84 Months % % Mths
First Adjustment % % Mths
Second Adjustment % % Mths
Third Adjustment % % Mths
Fourth Adjustment % % Mths
Fifth Adjustment % % Mths
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7 Yr ARM Loan Adjustment Summary ///
This 7 / 1 arm calculator assumes a worst case scenario for a 7 yr adjustable rate mortgage. For this worst case scenario to take place, your 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 a start rate of Label%  your monthly payments would be Label. This field indicates the new maximum monthly payment after each interest rate adjustment after the first 7 yrs and represents your worst case scenario with a 7 year arm loan. These payments do not include property taxes, homeowners insurance or PMI (private mortgage insurance) if applicable, and does not factor in any principal payment.

Monthly Difference: This displays the difference in monthly payments of a 7 year mortgage 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 7 / 23 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 7 / 23 adjustable rate mortgage. You are beginning with a 30 year mortgage. At your first payment adjustment in 84 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 mortgage payments.


7/23 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 to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance and real estate issues regarding 7 year mortgages.
 

 

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