Home Purchase Adjustable Rate Mortgage Calculator
How much house can you afford?
When you take out a mortgage, it is important to calculate how much your monthly payment will be. Enter the price of the home, the number of years of the loan, the number of years until the loan adjusts for the first time, your down payment, and the loan fees. Use the sliders to enter the initial interest rate and how high you believe the average interest rate will be for the adjustable duration of your loan. The calculator will compute two monthly payments: how much you’ll owe each month for the first part of your loan, and an estimate of how much you’ll owe each month for the loan after it starts adjusting. Don’t forget to budget for property insurance and taxes!