Calculate total monthly mortgage payments on your home based on term of your mortgage, interest rate, loan amount annual taxes and annual insurance.
For a simple calculation without insurance and taxes, use this simple mortgage calculator.
APR. Annual percentage rate. This is the yearly cost of your loan expressed as a percentage. The cost includes your interest and other finance charges you would pay (such as points and insurance) to get your loan.
ARM. Adjustable rate mortgage. This type of mortgage does not have a fixed interest rate. Instead, the interest rate is only fixed during the initial rate period. After the period ends, the interest rate may change, based on fluctuations in the rate index.
Interest rate. The percentage of the loan amount that you would pay yearly to the lender.
Loan type. Loans shown here fall into two categories: fixed and ARM (adjustable rate mortgage). With a fixed loan, the interest rate remains the same for the life of the loan. For example, a 30-year fixed loan has the same interest rate for 30 years. With an ARM loan, the interest rate is only fixed for a specified number of years. After that, it can be periodically adjusted. For example, a 5/1 ARM has a fixed interest rate for the first five years, and then can be adjusted every one year thereafter (hence the "1" in 5/1).
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