|
|
7/23 Adjustable Rate Mortgage Calculator
7 / 23 Adjustable Rate Mortgage Calculator*
- Calculate the monthly payments for a 7 / 23 ARM loan and view how much the first
loan adjustments will be. A 7 / 23 ARM is fixed for first 7 years of the loan, then
becomes an adjustable rate mortgage. This adjustable rate mortgage calculator displays worst case scenario as principal pay-down
is not calculated. All loan options assume a 6% lifetime interest rate cap.
7/23 Adjustable Rate Mortgage Calculator Instructions
Step 1: Enter Mortgage Loan Amount
Step 2: Enter Your ARM Loan Start Rate & Amortization Type
Step 3: Click "Calculate Adjustable Rate Mortgage Loan"
Add to Favorites
| 
Email to a Friend | 
Del.icio.us | Digg | Furl |
Y!
|
7 / 23 Adjustable Rate Mortgage Calculator
/// |
|
Loan Amount |
|
|
Starting Interest Rate |
|
|
Max. Adjustments |
|
|
|
|
7 / 23 Adjustable Rate Mortgage Calculator
Results /// |
|
Max. Adjustments |
Monthly Payment |
Monthly Increase |
Increase as a Percentage |
Mortgage Rate |
Loan Amortization |
|
Initial 72 Months |
|
|
% |
% |
Mths |
|
First Adjustment |
|
|
% |
% |
Mths |
|
Second Adjustment |
|
|
% |
% |
Mths |
|
Third Adjustment |
|
|
% |
% |
Mths |
|
Fourth Adjustment |
|
|
% |
% |
Mths |
|
Fifth Adjustment |
|
|
% |
% |
Mths |
|
Add to Favorites
|
Email to a Friend |
Del.icio.us | Digg | Furl |
Y!
|
|
7 / 23 ARM Loan Adjustment Summary
/// |
This 7/23 adjustable rate mortgage calculator assumes a worst case scenario for a 7 / 23 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
and represents your worst case scenario. 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
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.
|
|