A Fixed-Rate Mortgage has the same payment for the entire term of the loan. An Adjustable-Rate Mortgage (ARM) has a fixed rate for a specific period of time (“initial period”), after which the rate may adjust and change your monthly payment. Just click the pencil icon to expand the sections below, enter your mortgage information, and click the “View Report” button to compare a Fixed Rate Mortgage to a Fully Amortizing ARM.
Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
