Input Fields

TitleA title for these calculator results that will help you identify it if you have printed out several versions of the calculator.

LenderThe name of your potential lender. This field is not required but may help if you have printed out several loan scenarios.

Sale PriceThe sale price for your property. (NOT the amount of money you plan to borrow.)

Down PaymentThe amount of money you plan to put as a down payment on your property.

Initial Interest RateThe initial interest rate for your adjustable rate mortgage.

Length of Initial Fixed RateThe length of time the 'Initial Interest Rate' is guaranteed or fixed. The 'Length of Initial Fixed Rate' is probably several years and is usually longer than the 'Minimum Length Between Steps'. Also choose whether 'Length of Initial Fixed Rate' is years or months.

Maximum Interest Rate StepThe maximum percent your interest rate can go up each time it is adjusted.

Minimum Length Between StepsEach interest rate adjustment will hold the new rate for at least this long. Also choose whether 'Minimum Length Between Steps' is years or months.

Maximum Interest RateYour interest rate cannot go higher than 'Maximum Interest Rate'.

Length of LoanHow long you will pay on this loan. Also choose whether 'Length of Loan' is years or months.

Additional PrincipalThe additional amount you will pay each month (over the required monthly amount) to pay down the principal on your loan. While paying additional principal each month on a tradional mortgage has a significant effect on the payoff time, it does not have that same effect on the payoff time of an adjustable rate mortgage. That's because each time the interest is adjusted the payment changes and is calculated on the balance at the time of adjustment spread over the remaining payoff time. Even though additional principal doesn't pay an adjustable rate mortgage off a lot quicker, it does keep the payments more even between the high and low interest rate as it is adjusted.

PointsThe number of points (or percentage of the loan amount) you'll be paying to close this loan. Check 'Roll into Loan' if the cost of the loan points is being financed and included in the 'Loan Amount'.

Other Closing CostsAny other costs you'll be paying during the closing of your loan. These might be costs like the appraisal, property taxes, property insurance, title insurance, realtor fees, etc. Check 'Roll into Loan' if your closing costs (not to include loan points) is being financed and included in the 'Loan Amount'.

Output Fields

Initial Payment'Principal' + 'Interest' + 'Additional Principal' (where applicable) to be paid each month. Actual payment could include escrow for insurance and property taxes plus private mortgage insurance (PMI).

Maximum Payment'Principal' + 'Interest' + 'Additional Principal' (where applicable) to be paid each month. Actual payment could include escrow for insurance and property taxes plus private mortgage insurance (PMI).

Average Payment'Principal' + 'Interest' + 'Additional Principal' (where applicable) to be paid each month. Actual payment could include escrow for insurance and property taxes plus private mortgage insurance (PMI).

Loan Amount'Sale Price' - 'Down Payment' + 'Points' (if rolled into loan) + 'Other Closing Costs' (if rolled into loan).

Maximum Total InterestTotal amount of interest you will pay over 'Length of Loan'.

Maximum Total PaidTotal amount of principal + interest you will pay over 'Length of Loan'.

Payoff TimeAmount of time until the loan is paid off.

Number of PaymentsThe number of payments you will make to pay off the loan.

Average Annual CostThe amount of money you will pay each year for this loan.

Points AmountThe points percentage applied to the amount you borrow gives the dollar amount the loan points will cost.

Maximum Total Property CostTotal cost of this property when you include the 'Sale Price', 'Points Amount', 'Other Closing Costs' and the 'Total Interest' to be paid on the mortgage.