Which mortgage is best for your budget?
A mortgage with a fixed rate means your principal and interest payments will never change during the term of the loan. These mortgages are good when you want to budget with certainty. With an adjustable-rate mortgage (ARM), your rate changes periodically, causing your monthly payment to increase or decrease based on market conditions. ARMs can help you get more house for your money when interest rates are low. This calculator helps you compare which option works best for your finances and goals.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards 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.