# 10 Year Interest-Only 7/1 ARM

A 7/1 ARM with a 10 year interest-only period may appeal to borrowers who plan to be in their home less than 10 years.

After reviewing this example, use the interest-only mortgage calculator to help you decide if an interest-only mortgage meets your needs.

Interest-Only Calculator
For the worst case interest rates, the minimum monthly payment would increase 28% after 7 years and when the mortgage is fully amortized in year 11, the payment would increase again to \$1,957 from an initial payment of \$1,057. If the index rate is stable, the minimum monthly payment would stay at \$1,057 for the first 10 years and in year 11, the minimum monthly payment would jump 31% to \$1,383.
StableWorst
MonthInterest
Rate
Index
Rate
Payment Interest Principal BalanceInterest
Rate
Index
Rate
Payment Interest Principal Balance
17.250%5.200%\$1,057\$1,057\$0\$175,0007.250%5.200%\$1,057\$1,057\$0\$175,000
27.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
37.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
47.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
57.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
67.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
77.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
87.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
97.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
107.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
117.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
127.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
Year 1  \$12,687\$12,687\$0   \$12,687\$12,687\$0
137.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
147.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
157.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
167.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
177.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
187.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
197.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
207.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
217.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
227.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
237.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
247.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
Year 2  \$12,687\$12,687\$0   \$12,687\$12,687\$0
257.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
267.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
277.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
287.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
297.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
307.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
317.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
327.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
337.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
347.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
357.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
367.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
Year 3  \$12,687\$12,687\$0   \$12,687\$12,687\$0
377.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
387.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
397.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
407.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
417.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
427.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
437.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
447.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
457.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
467.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
477.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
487.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
Year 4  \$12,687\$12,687\$0   \$12,687\$12,687\$0
497.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
507.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
517.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
527.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
537.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
547.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
557.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
567.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
577.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
587.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
597.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
607.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
Year 5  \$12,687\$12,687\$0   \$12,687\$12,687\$0
617.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
627.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
637.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
647.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
657.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
667.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
677.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
687.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
697.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
707.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
717.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
727.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
Year 6  \$12,687\$12,687\$0   \$12,687\$12,687\$0
737.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
747.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
757.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
767.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
777.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
787.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
797.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
807.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
817.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
827.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
837.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
847.250%5.200%\$1,057\$1,057\$0\$175,0007.250%12.250%\$1,057\$1,057\$0\$175,000
Year 7  \$12,687\$12,687\$0   \$12,687\$12,687\$0
857.250%5.200%\$1,057\$1,057\$0\$175,0009.250%12.250%\$1,349\$1,349\$0\$175,000
867.250%5.200%\$1,057\$1,057\$0\$175,0009.250%12.250%\$1,349\$1,349\$0\$175,000
877.250%5.200%\$1,057\$1,057\$0\$175,0009.250%12.250%\$1,349\$1,349\$0\$175,000
887.250%5.200%\$1,057\$1,057\$0\$175,0009.250%12.250%\$1,349\$1,349\$0\$175,000
897.250%5.200%\$1,057\$1,057\$0\$175,0009.250%12.250%\$1,349\$1,349\$0\$175,000
907.250%5.200%\$1,057\$1,057\$0\$175,0009.250%12.250%\$1,349\$1,349\$0\$175,000
917.250%5.200%\$1,057\$1,057\$0\$175,0009.250%12.250%\$1,349\$1,349\$0\$175,000
927.250%5.200%\$1,057\$1,057\$0\$175,0009.250%12.250%\$1,349\$1,349\$0\$175,000
937.250%5.200%\$1,057\$1,057\$0\$175,0009.250%12.250%\$1,349\$1,349\$0\$175,000
947.250%5.200%\$1,057\$1,057\$0\$175,0009.250%12.250%\$1,349\$1,349\$0\$175,000
957.250%5.200%\$1,057\$1,057\$0\$175,0009.250%12.250%\$1,349\$1,349\$0\$175,000
967.250%5.200%\$1,057\$1,057\$0\$175,0009.250%12.250%\$1,349\$1,349\$0\$175,000
Year 8  \$12,687\$12,687\$0   \$16,188\$16,188\$0
977.250%5.200%\$1,057\$1,057\$0\$175,00011.250%12.250%\$1,641\$1,641\$0\$175,000
987.250%5.200%\$1,057\$1,057\$0\$175,00011.250%12.250%\$1,641\$1,641\$0\$175,000
997.250%5.200%\$1,057\$1,057\$0\$175,00011.250%12.250%\$1,641\$1,641\$0\$175,000
1007.250%5.200%\$1,057\$1,057\$0\$175,00011.250%12.250%\$1,641\$1,641\$0\$175,000
1017.250%5.200%\$1,057\$1,057\$0\$175,00011.250%12.250%\$1,641\$1,641\$0\$175,000
1027.250%5.200%\$1,057\$1,057\$0\$175,00011.250%12.250%\$1,641\$1,641\$0\$175,000
1037.250%5.200%\$1,057\$1,057\$0\$175,00011.250%12.250%\$1,641\$1,641\$0\$175,000
1047.250%5.200%\$1,057\$1,057\$0\$175,00011.250%12.250%\$1,641\$1,641\$0\$175,000
1057.250%5.200%\$1,057\$1,057\$0\$175,00011.250%12.250%\$1,641\$1,641\$0\$175,000
1067.250%5.200%\$1,057\$1,057\$0\$175,00011.250%12.250%\$1,641\$1,641\$0\$175,000
1077.250%5.200%\$1,057\$1,057\$0\$175,00011.250%12.250%\$1,641\$1,641\$0\$175,000
1087.250%5.200%\$1,057\$1,057\$0\$175,00011.250%12.250%\$1,641\$1,641\$0\$175,000
Year 9  \$12,687\$12,687\$0   \$19,688\$19,688\$0
1097.250%5.200%\$1,057\$1,057\$0\$175,00012.250%12.250%\$1,786\$1,786\$0\$175,000
1107.250%5.200%\$1,057\$1,057\$0\$175,00012.250%12.250%\$1,786\$1,786\$0\$175,000
1117.250%5.200%\$1,057\$1,057\$0\$175,00012.250%12.250%\$1,786\$1,786\$0\$175,000
1127.250%5.200%\$1,057\$1,057\$0\$175,00012.250%12.250%\$1,786\$1,786\$0\$175,000
1137.250%5.200%\$1,057\$1,057\$0\$175,00012.250%12.250%\$1,786\$1,786\$0\$175,000
1147.250%5.200%\$1,057\$1,057\$0\$175,00012.250%12.250%\$1,786\$1,786\$0\$175,000
1157.250%5.200%\$1,057\$1,057\$0\$175,00012.250%12.250%\$1,786\$1,786\$0\$175,000
1167.250%5.200%\$1,057\$1,057\$0\$175,00012.250%12.250%\$1,786\$1,786\$0\$175,000
1177.250%5.200%\$1,057\$1,057\$0\$175,00012.250%12.250%\$1,786\$1,786\$0\$175,000
1187.250%5.200%\$1,057\$1,057\$0\$175,00012.250%12.250%\$1,786\$1,786\$0\$175,000
1197.250%5.200%\$1,057\$1,057\$0\$175,00012.250%12.250%\$1,786\$1,786\$0\$175,000
1207.250%5.200%\$1,057\$1,057\$0\$175,00012.250%12.250%\$1,786\$1,786\$0\$175,000
Year 10  \$12,687\$12,687\$0   \$21,438\$21,438\$0
1217.250%5.200%\$1,383\$1,057\$326\$174,67412.250%12.250%\$1,957\$1,786\$171\$174,829
1227.250%5.200%\$1,383\$1,055\$328\$174,34612.250%12.250%\$1,957\$1,785\$173\$174,656
1237.250%5.200%\$1,383\$1,053\$330\$174,01612.250%12.250%\$1,957\$1,783\$175\$174,482
1247.250%5.200%\$1,383\$1,051\$332\$173,68512.250%12.250%\$1,957\$1,781\$176\$174,305
1257.250%5.200%\$1,383\$1,049\$334\$173,35112.250%12.250%\$1,957\$1,779\$178\$174,127
1267.250%5.200%\$1,383\$1,047\$336\$173,01512.250%12.250%\$1,957\$1,778\$180\$173,947
1277.250%5.200%\$1,383\$1,045\$338\$172,67712.250%12.250%\$1,957\$1,776\$182\$173,765
1287.250%5.200%\$1,383\$1,043\$340\$172,33712.250%12.250%\$1,957\$1,774\$184\$173,582
1297.250%5.200%\$1,383\$1,041\$342\$171,99512.250%12.250%\$1,957\$1,772\$186\$173,396
1307.250%5.200%\$1,383\$1,039\$344\$171,65112.250%12.250%\$1,957\$1,770\$187\$173,209
1317.250%5.200%\$1,383\$1,037\$346\$171,30512.250%12.250%\$1,957\$1,768\$189\$173,020
1327.250%5.200%\$1,383\$1,035\$348\$170,95712.250%12.250%\$1,957\$1,766\$191\$172,828
Year 11  \$16,598\$12,555\$4,043   \$23,490\$21,318\$2,172
1337.250%5.200%\$1,383\$1,033\$350\$170,60712.250%12.250%\$1,957\$1,764\$193\$172,635
1347.250%5.200%\$1,383\$1,031\$352\$170,25412.250%12.250%\$1,957\$1,762\$195\$172,440
1357.250%5.200%\$1,383\$1,029\$355\$169,90012.250%12.250%\$1,957\$1,760\$197\$172,243
1367.250%5.200%\$1,383\$1,026\$357\$169,54312.250%12.250%\$1,957\$1,758\$199\$172,044
1377.250%5.200%\$1,383\$1,024\$359\$169,18412.250%12.250%\$1,957\$1,756\$201\$171,842
1387.250%5.200%\$1,383\$1,022\$361\$168,82312.250%12.250%\$1,957\$1,754\$203\$171,639
1397.250%5.200%\$1,383\$1,020\$363\$168,46012.250%12.250%\$1,957\$1,752\$205\$171,434
1407.250%5.200%\$1,383\$1,018\$365\$168,09512.250%12.250%\$1,957\$1,750\$207\$171,226
1417.250%5.200%\$1,383\$1,016\$368\$167,72712.250%12.250%\$1,957\$1,748\$210\$171,017
1427.250%5.200%\$1,383\$1,013\$370\$167,35712.250%12.250%\$1,957\$1,746\$212\$170,805
1437.250%5.200%\$1,383\$1,011\$372\$166,98512.250%12.250%\$1,957\$1,744\$214\$170,591
1447.250%5.200%\$1,383\$1,009\$374\$166,61112.250%12.250%\$1,957\$1,741\$216\$170,375
Year 12  \$16,598\$12,252\$4,346   \$23,490\$21,037\$2,453
1457.250%5.200%\$1,383\$1,007\$377\$166,23412.250%12.250%\$1,957\$1,739\$218\$170,157
1467.250%5.200%\$1,383\$1,004\$379\$165,85612.250%12.250%\$1,957\$1,737\$220\$169,937
1477.250%5.200%\$1,383\$1,002\$381\$165,47412.250%12.250%\$1,957\$1,735\$223\$169,714
1487.250%5.200%\$1,383\$1,000\$383\$165,09112.250%12.250%\$1,957\$1,732\$225\$169,489
1497.250%5.200%\$1,383\$997\$386\$164,70512.250%12.250%\$1,957\$1,730\$227\$169,262
1507.250%5.200%\$1,383\$995\$388\$164,31712.250%12.250%\$1,957\$1,728\$230\$169,032
1517.250%5.200%\$1,383\$993\$390\$163,92712.250%12.250%\$1,957\$1,726\$232\$168,800
1527.250%5.200%\$1,383\$990\$393\$163,53412.250%12.250%\$1,957\$1,723\$234\$168,566
1537.250%5.200%\$1,383\$988\$395\$163,13912.250%12.250%\$1,957\$1,721\$237\$168,329
1547.250%5.200%\$1,383\$986\$398\$162,74112.250%12.250%\$1,957\$1,718\$239\$168,090
1557.250%5.200%\$1,383\$983\$400\$162,34112.250%12.250%\$1,957\$1,716\$242\$167,848
1567.250%5.200%\$1,383\$981\$402\$161,93912.250%12.250%\$1,957\$1,713\$244\$167,604
Year 13  \$16,598\$11,926\$4,672   \$23,490\$20,719\$2,771
1577.250%5.200%\$1,383\$978\$405\$161,53412.250%12.250%\$1,957\$1,711\$247\$167,358
1587.250%5.200%\$1,383\$976\$407\$161,12712.250%12.250%\$1,957\$1,708\$249\$167,109
1597.250%5.200%\$1,383\$973\$410\$160,71712.250%12.250%\$1,957\$1,706\$252\$166,857
1607.250%5.200%\$1,383\$971\$412\$160,30512.250%12.250%\$1,957\$1,703\$254\$166,603
1617.250%5.200%\$1,383\$969\$415\$159,89112.250%12.250%\$1,957\$1,701\$257\$166,346
1627.250%5.200%\$1,383\$966\$417\$159,47312.250%12.250%\$1,957\$1,698\$259\$166,087
1637.250%5.200%\$1,383\$963\$420\$159,05412.250%12.250%\$1,957\$1,695\$262\$165,825
1647.250%5.200%\$1,383\$961\$422\$158,63212.250%12.250%\$1,957\$1,693\$265\$165,560
1657.250%5.200%\$1,383\$958\$425\$158,20712.250%12.250%\$1,957\$1,690\$267\$165,293
1667.250%5.200%\$1,383\$956\$427\$157,77912.250%12.250%\$1,957\$1,687\$270\$165,023
1677.250%5.200%\$1,383\$953\$430\$157,35012.250%12.250%\$1,957\$1,685\$273\$164,750
1687.250%5.200%\$1,383\$951\$433\$156,91712.250%12.250%\$1,957\$1,682\$276\$164,474
Year 14  \$16,598\$11,576\$5,022   \$23,490\$20,360\$3,130
1697.250%5.200%\$1,383\$948\$435\$156,48212.250%12.250%\$1,957\$1,679\$278\$164,195
1707.250%5.200%\$1,383\$945\$438\$156,04412.250%12.250%\$1,957\$1,676\$281\$163,914
1717.250%5.200%\$1,383\$943\$440\$155,60412.250%12.250%\$1,957\$1,673\$284\$163,630
1727.250%5.200%\$1,383\$940\$443\$155,16112.250%12.250%\$1,957\$1,670\$287\$163,343
1737.250%5.200%\$1,383\$937\$446\$154,71512.250%12.250%\$1,957\$1,667\$290\$163,053
1747.250%5.200%\$1,383\$935\$448\$154,26712.250%12.250%\$1,957\$1,664\$293\$162,760
1757.250%5.200%\$1,383\$932\$451\$153,81512.250%12.250%\$1,957\$1,662\$296\$162,464
1767.250%5.200%\$1,383\$929\$454\$153,36212.250%12.250%\$1,957\$1,658\$299\$162,165
1777.250%5.200%\$1,383\$927\$457\$152,90512.250%12.250%\$1,957\$1,655\$302\$161,863
1787.250%5.200%\$1,383\$924\$459\$152,44612.250%12.250%\$1,957\$1,652\$305\$161,558
1797.250%5.200%\$1,383\$921\$462\$151,98312.250%12.250%\$1,957\$1,649\$308\$161,249
1807.250%5.200%\$1,383\$918\$465\$151,51912.250%12.250%\$1,957\$1,646\$311\$160,938
Year 15  \$16,598\$11,199\$5,398   \$23,490\$19,954\$3,536
1817.250%5.200%\$1,383\$915\$468\$151,05112.250%12.250%\$1,957\$1,643\$315\$160,623
1827.250%5.200%\$1,383\$913\$471\$150,58012.250%12.250%\$1,957\$1,640\$318\$160,306
1837.250%5.200%\$1,383\$910\$473\$150,10712.250%12.250%\$1,957\$1,636\$321\$159,985
1847.250%5.200%\$1,383\$907\$476\$149,63112.250%12.250%\$1,957\$1,633\$324\$159,660
1857.250%5.200%\$1,383\$904\$479\$149,15112.250%12.250%\$1,957\$1,630\$328\$159,333
1867.250%5.200%\$1,383\$901\$482\$148,66912.250%12.250%\$1,957\$1,627\$331\$159,002
1877.250%5.200%\$1,383\$898\$485\$148,18412.250%12.250%\$1,957\$1,623\$334\$158,667
1887.250%5.200%\$1,383\$895\$488\$147,69712.250%12.250%\$1,957\$1,620\$338\$158,330
1897.250%5.200%\$1,383\$892\$491\$147,20612.250%12.250%\$1,957\$1,616\$341\$157,988
1907.250%5.200%\$1,383\$889\$494\$146,71212.250%12.250%\$1,957\$1,613\$345\$157,644
1917.250%5.200%\$1,383\$886\$497\$146,21512.250%12.250%\$1,957\$1,609\$348\$157,295
1927.250%5.200%\$1,383\$883\$500\$145,71512.250%12.250%\$1,957\$1,606\$352\$156,944
Year 16  \$16,598\$10,795\$5,803   \$23,490\$19,496\$3,994
1937.250%5.200%\$1,383\$880\$503\$145,21312.250%12.250%\$1,957\$1,602\$355\$156,588
1947.250%5.200%\$1,383\$877\$506\$144,70712.250%12.250%\$1,957\$1,599\$359\$156,229
1957.250%5.200%\$1,383\$874\$509\$144,19812.250%12.250%\$1,957\$1,595\$363\$155,867
1967.250%5.200%\$1,383\$871\$512\$143,68612.250%12.250%\$1,957\$1,591\$366\$155,500
1977.250%5.200%\$1,383\$868\$515\$143,17112.250%12.250%\$1,957\$1,587\$370\$155,130
1987.250%5.200%\$1,383\$865\$518\$142,65312.250%12.250%\$1,957\$1,584\$374\$154,756
1997.250%5.200%\$1,383\$862\$521\$142,13112.250%12.250%\$1,957\$1,580\$378\$154,379
2007.250%5.200%\$1,383\$859\$524\$141,60712.250%12.250%\$1,957\$1,576\$382\$153,997
2017.250%5.200%\$1,383\$856\$528\$141,07912.250%12.250%\$1,957\$1,572\$385\$153,612
2027.250%5.200%\$1,383\$852\$531\$140,54912.250%12.250%\$1,957\$1,568\$389\$153,222
2037.250%5.200%\$1,383\$849\$534\$140,01412.250%12.250%\$1,957\$1,564\$393\$152,829
2047.250%5.200%\$1,383\$846\$537\$139,47712.250%12.250%\$1,957\$1,560\$397\$152,432
Year 17  \$16,598\$10,360\$6,238   \$23,490\$18,978\$4,512
2057.250%5.200%\$1,383\$843\$540\$138,93712.250%12.250%\$1,957\$1,556\$401\$152,030
2067.250%5.200%\$1,383\$839\$544\$138,39312.250%12.250%\$1,957\$1,552\$406\$151,625
2077.250%5.200%\$1,383\$836\$547\$137,84612.250%12.250%\$1,957\$1,548\$410\$151,215
2087.250%5.200%\$1,383\$833\$550\$137,29612.250%12.250%\$1,957\$1,544\$414\$150,801
2097.250%5.200%\$1,383\$829\$554\$136,74212.250%12.250%\$1,957\$1,539\$418\$150,383
2107.250%5.200%\$1,383\$826\$557\$136,18512.250%12.250%\$1,957\$1,535\$422\$149,961
2117.250%5.200%\$1,383\$823\$560\$135,62512.250%12.250%\$1,957\$1,531\$427\$149,534
2127.250%5.200%\$1,383\$819\$564\$135,06112.250%12.250%\$1,957\$1,526\$431\$149,103
2137.250%5.200%\$1,383\$816\$567\$134,49412.250%12.250%\$1,957\$1,522\$435\$148,668
2147.250%5.200%\$1,383\$813\$571\$133,92312.250%12.250%\$1,957\$1,518\$440\$148,228
2157.250%5.200%\$1,383\$809\$574\$133,34912.250%12.250%\$1,957\$1,513\$444\$147,784
2167.250%5.200%\$1,383\$806\$578\$132,77212.250%12.250%\$1,957\$1,509\$449\$147,335
Year 18  \$16,598\$9,892\$6,706   \$23,490\$18,393\$5,097
2177.250%5.200%\$1,383\$802\$581\$132,19112.250%12.250%\$1,957\$1,504\$453\$146,881
2187.250%5.200%\$1,383\$799\$585\$131,60612.250%12.250%\$1,957\$1,499\$458\$146,423
2197.250%5.200%\$1,383\$795\$588\$131,01812.250%12.250%\$1,957\$1,495\$463\$145,960
2207.250%5.200%\$1,383\$792\$592\$130,42612.250%12.250%\$1,957\$1,490\$467\$145,493
2217.250%5.200%\$1,383\$788\$595\$129,83112.250%12.250%\$1,957\$1,485\$472\$145,021
2227.250%5.200%\$1,383\$784\$599\$129,23212.250%12.250%\$1,957\$1,480\$477\$144,544
2237.250%5.200%\$1,383\$781\$602\$128,63012.250%12.250%\$1,957\$1,476\$482\$144,062
2247.250%5.200%\$1,383\$777\$606\$128,02412.250%12.250%\$1,957\$1,471\$487\$143,575
2257.250%5.200%\$1,383\$773\$610\$127,41412.250%12.250%\$1,957\$1,466\$492\$143,083
2267.250%5.200%\$1,383\$770\$613\$126,80112.250%12.250%\$1,957\$1,461\$497\$142,586
2277.250%5.200%\$1,383\$766\$617\$126,18412.250%12.250%\$1,957\$1,456\$502\$142,084
2287.250%5.200%\$1,383\$762\$621\$125,56312.250%12.250%\$1,957\$1,450\$507\$141,577
Year 19  \$16,598\$9,390\$7,208   \$23,490\$17,732\$5,758
2297.250%5.200%\$1,383\$759\$625\$124,93912.250%12.250%\$1,957\$1,445\$512\$141,065
2307.250%5.200%\$1,383\$755\$628\$124,31012.250%12.250%\$1,957\$1,440\$517\$140,548
2317.250%5.200%\$1,383\$751\$632\$123,67812.250%12.250%\$1,957\$1,435\$523\$140,025
2327.250%5.200%\$1,383\$747\$636\$123,04212.250%12.250%\$1,957\$1,429\$528\$139,497
2337.250%5.200%\$1,383\$743\$640\$122,40212.250%12.250%\$1,957\$1,424\$533\$138,963
2347.250%5.200%\$1,383\$740\$644\$121,75912.250%12.250%\$1,957\$1,419\$539\$138,424
2357.250%5.200%\$1,383\$736\$648\$121,11112.250%12.250%\$1,957\$1,413\$544\$137,880
2367.250%5.200%\$1,383\$732\$651\$120,46012.250%12.250%\$1,957\$1,408\$550\$137,330
2377.250%5.200%\$1,383\$728\$655\$119,80412.250%12.250%\$1,957\$1,402\$556\$136,774
2387.250%5.200%\$1,383\$724\$659\$119,14512.250%12.250%\$1,957\$1,396\$561\$136,213
2397.250%5.200%\$1,383\$720\$663\$118,48212.250%12.250%\$1,957\$1,391\$567\$135,646
2407.250%5.200%\$1,383\$716\$667\$117,81412.250%12.250%\$1,957\$1,385\$573\$135,073
Year 20  \$16,598\$8,849\$7,749   \$23,490\$16,986\$6,504
2417.250%5.200%\$1,383\$712\$671\$117,14312.250%12.250%\$1,957\$1,379\$579\$134,495
2427.250%5.200%\$1,383\$708\$675\$116,46812.250%12.250%\$1,957\$1,373\$585\$133,910
2437.250%5.200%\$1,383\$704\$680\$115,78812.250%12.250%\$1,957\$1,367\$590\$133,320
2447.250%5.200%\$1,383\$700\$684\$115,10512.250%12.250%\$1,957\$1,361\$597\$132,723
2457.250%5.200%\$1,383\$695\$688\$114,41712.250%12.250%\$1,957\$1,355\$603\$132,121
2467.250%5.200%\$1,383\$691\$692\$113,72512.250%12.250%\$1,957\$1,349\$609\$131,512
2477.250%5.200%\$1,383\$687\$696\$113,02912.250%12.250%\$1,957\$1,343\$615\$130,897
2487.250%5.200%\$1,383\$683\$700\$112,32912.250%12.250%\$1,957\$1,336\$621\$130,276
2497.250%5.200%\$1,383\$679\$705\$111,62412.250%12.250%\$1,957\$1,330\$628\$129,648
2507.250%5.200%\$1,383\$674\$709\$110,91512.250%12.250%\$1,957\$1,323\$634\$129,014
2517.250%5.200%\$1,383\$670\$713\$110,20212.250%12.250%\$1,957\$1,317\$640\$128,374
2527.250%5.200%\$1,383\$666\$717\$109,48512.250%12.250%\$1,957\$1,310\$647\$127,727
Year 21  \$16,598\$8,268\$8,330   \$23,490\$16,143\$7,347
2537.250%5.200%\$1,383\$661\$722\$108,76312.250%12.250%\$1,957\$1,304\$654\$127,073
2547.250%5.200%\$1,383\$657\$726\$108,03712.250%12.250%\$1,957\$1,297\$660\$126,413
2557.250%5.200%\$1,383\$653\$730\$107,30712.250%12.250%\$1,957\$1,290\$667\$125,746
2567.250%5.200%\$1,383\$648\$735\$106,57212.250%12.250%\$1,957\$1,284\$674\$125,072
2577.250%5.200%\$1,383\$644\$739\$105,83312.250%12.250%\$1,957\$1,277\$681\$124,391
2587.250%5.200%\$1,383\$639\$744\$105,08912.250%12.250%\$1,957\$1,270\$688\$123,703
2597.250%5.200%\$1,383\$635\$748\$104,34112.250%12.250%\$1,957\$1,263\$695\$123,009
2607.250%5.200%\$1,383\$630\$753\$103,58812.250%12.250%\$1,957\$1,256\$702\$122,307
2617.250%5.200%\$1,383\$626\$757\$102,83012.250%12.250%\$1,957\$1,249\$709\$121,598
2627.250%5.200%\$1,383\$621\$762\$102,06912.250%12.250%\$1,957\$1,241\$716\$120,882
2637.250%5.200%\$1,383\$617\$767\$101,30212.250%12.250%\$1,957\$1,234\$723\$120,158
2647.250%5.200%\$1,383\$612\$771\$100,53112.250%12.250%\$1,957\$1,227\$731\$119,428
Year 22  \$16,598\$7,644\$8,954   \$23,490\$15,191\$8,299
2657.250%5.200%\$1,383\$607\$776\$99,75512.250%12.250%\$1,957\$1,219\$738\$118,689
2667.250%5.200%\$1,383\$603\$780\$98,97512.250%12.250%\$1,957\$1,212\$746\$117,943
2677.250%5.200%\$1,383\$598\$785\$98,19012.250%12.250%\$1,957\$1,204\$753\$117,190
2687.250%5.200%\$1,383\$593\$790\$97,40012.250%12.250%\$1,957\$1,196\$761\$116,429
2697.250%5.200%\$1,383\$588\$795\$96,60512.250%12.250%\$1,957\$1,189\$769\$115,660
2707.250%5.200%\$1,383\$584\$800\$95,80512.250%12.250%\$1,957\$1,181\$777\$114,883
2717.250%5.200%\$1,383\$579\$804\$95,00112.250%12.250%\$1,957\$1,173\$785\$114,098
2727.250%5.200%\$1,383\$574\$809\$94,19212.250%12.250%\$1,957\$1,165\$793\$113,305
2737.250%5.200%\$1,383\$569\$814\$93,37812.250%12.250%\$1,957\$1,157\$801\$112,505
2747.250%5.200%\$1,383\$564\$819\$92,55912.250%12.250%\$1,957\$1,148\$809\$111,696
2757.250%5.200%\$1,383\$559\$824\$91,73512.250%12.250%\$1,957\$1,140\$817\$110,878
2767.250%5.200%\$1,383\$554\$829\$90,90612.250%12.250%\$1,957\$1,132\$826\$110,053
Year 23  \$16,598\$6,973\$9,625   \$23,490\$14,115\$9,375
2777.250%5.200%\$1,383\$549\$834\$90,07212.250%12.250%\$1,957\$1,123\$834\$109,219
2787.250%5.200%\$1,383\$544\$839\$89,23312.250%12.250%\$1,957\$1,115\$843\$108,376
2797.250%5.200%\$1,383\$539\$844\$88,38912.250%12.250%\$1,957\$1,106\$851\$107,525
2807.250%5.200%\$1,383\$534\$849\$87,54012.250%12.250%\$1,957\$1,098\$860\$106,665
2817.250%5.200%\$1,383\$529\$854\$86,68512.250%12.250%\$1,957\$1,089\$869\$105,797
2827.250%5.200%\$1,383\$524\$859\$85,82612.250%12.250%\$1,957\$1,080\$877\$104,919
2837.250%5.200%\$1,383\$519\$865\$84,96112.250%12.250%\$1,957\$1,071\$886\$104,033
2847.250%5.200%\$1,383\$513\$870\$84,09212.250%12.250%\$1,957\$1,062\$895\$103,137
2857.250%5.200%\$1,383\$508\$875\$83,21612.250%12.250%\$1,957\$1,053\$905\$102,233
2867.250%5.200%\$1,383\$503\$880\$82,33612.250%12.250%\$1,957\$1,044\$914\$101,319
2877.250%5.200%\$1,383\$497\$886\$81,45012.250%12.250%\$1,957\$1,034\$923\$100,395
2887.250%5.200%\$1,383\$492\$891\$80,55912.250%12.250%\$1,957\$1,025\$933\$99,463
Year 24  \$16,598\$6,251\$10,347   \$23,490\$12,900\$10,590
2897.250%5.200%\$1,383\$487\$896\$79,66312.250%12.250%\$1,957\$1,015\$942\$98,521
2907.250%5.200%\$1,383\$481\$902\$78,76112.250%12.250%\$1,957\$1,006\$952\$97,569
2917.250%5.200%\$1,383\$476\$907\$77,85412.250%12.250%\$1,957\$996\$961\$96,607
2927.250%5.200%\$1,383\$470\$913\$76,94112.250%12.250%\$1,957\$986\$971\$95,636
2937.250%5.200%\$1,383\$465\$918\$76,02312.250%12.250%\$1,957\$976\$981\$94,655
2947.250%5.200%\$1,383\$459\$924\$75,09912.250%12.250%\$1,957\$966\$991\$93,664
2957.250%5.200%\$1,383\$454\$929\$74,16912.250%12.250%\$1,957\$956\$1,001\$92,662
2967.250%5.200%\$1,383\$448\$935\$73,23412.250%12.250%\$1,957\$946\$1,012\$91,651
2977.250%5.200%\$1,383\$442\$941\$72,29412.250%12.250%\$1,957\$936\$1,022\$90,629
2987.250%5.200%\$1,383\$437\$946\$71,34712.250%12.250%\$1,957\$925\$1,032\$89,597
2997.250%5.200%\$1,383\$431\$952\$70,39512.250%12.250%\$1,957\$915\$1,043\$88,554
3007.250%5.200%\$1,383\$425\$958\$69,43712.250%12.250%\$1,957\$904\$1,054\$87,500
Year 25  \$16,598\$5,476\$11,122   \$23,490\$11,527\$11,963
3017.250%5.200%\$1,383\$420\$964\$68,47412.250%12.250%\$1,957\$893\$1,064\$86,436
3027.250%5.200%\$1,383\$414\$969\$67,50412.250%12.250%\$1,957\$882\$1,075\$85,361
3037.250%5.200%\$1,383\$408\$975\$66,52912.250%12.250%\$1,957\$871\$1,086\$84,275
3047.250%5.200%\$1,383\$402\$981\$65,54812.250%12.250%\$1,957\$860\$1,097\$83,178
3057.250%5.200%\$1,383\$396\$987\$64,56012.250%12.250%\$1,957\$849\$1,108\$82,069
3067.250%5.200%\$1,383\$390\$993\$63,56712.250%12.250%\$1,957\$838\$1,120\$80,950
3077.250%5.200%\$1,383\$384\$999\$62,56812.250%12.250%\$1,957\$826\$1,131\$79,818
3087.250%5.200%\$1,383\$378\$1,005\$61,56312.250%12.250%\$1,957\$815\$1,143\$78,676
3097.250%5.200%\$1,383\$372\$1,011\$60,55212.250%12.250%\$1,957\$803\$1,154\$77,521
3107.250%5.200%\$1,383\$366\$1,017\$59,53412.250%12.250%\$1,957\$791\$1,166\$76,355
3117.250%5.200%\$1,383\$360\$1,023\$58,51112.250%12.250%\$1,957\$779\$1,178\$75,177
3127.250%5.200%\$1,383\$354\$1,030\$57,48112.250%12.250%\$1,957\$767\$1,190\$73,987
Year 26  \$16,598\$4,642\$11,956   \$23,490\$9,977\$13,513
3137.250%5.200%\$1,383\$347\$1,036\$56,44512.250%12.250%\$1,957\$755\$1,202\$72,785
3147.250%5.200%\$1,383\$341\$1,042\$55,40312.250%12.250%\$1,957\$743\$1,214\$71,570
3157.250%5.200%\$1,383\$335\$1,048\$54,35512.250%12.250%\$1,957\$731\$1,227\$70,344
3167.250%5.200%\$1,383\$328\$1,055\$53,30012.250%12.250%\$1,957\$718\$1,239\$69,104
3177.250%5.200%\$1,383\$322\$1,061\$52,23912.250%12.250%\$1,957\$705\$1,252\$67,852
3187.250%5.200%\$1,383\$316\$1,068\$51,17112.250%12.250%\$1,957\$693\$1,265\$66,587
3197.250%5.200%\$1,383\$309\$1,074\$50,09712.250%12.250%\$1,957\$680\$1,278\$65,310
3207.250%5.200%\$1,383\$303\$1,080\$49,01712.250%12.250%\$1,957\$667\$1,291\$64,019
3217.250%5.200%\$1,383\$296\$1,087\$47,93012.250%12.250%\$1,957\$654\$1,304\$62,715
3227.250%5.200%\$1,383\$290\$1,094\$46,83612.250%12.250%\$1,957\$640\$1,317\$61,398
3237.250%5.200%\$1,383\$283\$1,100\$45,73612.250%12.250%\$1,957\$627\$1,331\$60,067
3247.250%5.200%\$1,383\$276\$1,107\$44,62912.250%12.250%\$1,957\$613\$1,344\$58,723
Year 27  \$16,598\$3,746\$12,852   \$23,490\$8,225\$15,265
3257.250%5.200%\$1,383\$270\$1,114\$43,51612.250%12.250%\$1,957\$599\$1,358\$57,365
3267.250%5.200%\$1,383\$263\$1,120\$42,39612.250%12.250%\$1,957\$586\$1,372\$55,993
3277.250%5.200%\$1,383\$256\$1,127\$41,26912.250%12.250%\$1,957\$572\$1,386\$54,607
3287.250%5.200%\$1,383\$249\$1,134\$40,13512.250%12.250%\$1,957\$557\$1,400\$53,207
3297.250%5.200%\$1,383\$242\$1,141\$38,99412.250%12.250%\$1,957\$543\$1,414\$51,792
3307.250%5.200%\$1,383\$236\$1,148\$37,84612.250%12.250%\$1,957\$529\$1,429\$50,364
3317.250%5.200%\$1,383\$229\$1,154\$36,69212.250%12.250%\$1,957\$514\$1,443\$48,920
3327.250%5.200%\$1,383\$222\$1,161\$35,53012.250%12.250%\$1,957\$499\$1,458\$47,462
3337.250%5.200%\$1,383\$215\$1,168\$34,36212.250%12.250%\$1,957\$485\$1,473\$45,989
3347.250%5.200%\$1,383\$208\$1,176\$33,18612.250%12.250%\$1,957\$469\$1,488\$44,501
3357.250%5.200%\$1,383\$200\$1,183\$32,00412.250%12.250%\$1,957\$454\$1,503\$42,998
3367.250%5.200%\$1,383\$193\$1,190\$30,81412.250%12.250%\$1,957\$439\$1,519\$41,479
Year 28  \$16,598\$2,783\$13,815   \$23,490\$6,247\$17,243
3377.250%5.200%\$1,383\$186\$1,197\$29,61712.250%12.250%\$1,957\$423\$1,534\$39,945
3387.250%5.200%\$1,383\$179\$1,204\$28,41312.250%12.250%\$1,957\$408\$1,550\$38,396
3397.250%5.200%\$1,383\$172\$1,212\$27,20112.250%12.250%\$1,957\$392\$1,566\$36,830
3407.250%5.200%\$1,383\$164\$1,219\$25,98212.250%12.250%\$1,957\$376\$1,582\$35,248
3417.250%5.200%\$1,383\$157\$1,226\$24,75612.250%12.250%\$1,957\$360\$1,598\$33,651
3427.250%5.200%\$1,383\$150\$1,234\$23,52312.250%12.250%\$1,957\$344\$1,614\$32,037
3437.250%5.200%\$1,383\$142\$1,241\$22,28212.250%12.250%\$1,957\$327\$1,630\$30,406
3447.250%5.200%\$1,383\$135\$1,249\$21,03312.250%12.250%\$1,957\$310\$1,647\$28,759
3457.250%5.200%\$1,383\$127\$1,256\$19,77712.250%12.250%\$1,957\$294\$1,664\$27,095
3467.250%5.200%\$1,383\$119\$1,264\$18,51312.250%12.250%\$1,957\$277\$1,681\$25,415
3477.250%5.200%\$1,383\$112\$1,271\$17,24212.250%12.250%\$1,957\$259\$1,698\$23,716
3487.250%5.200%\$1,383\$104\$1,279\$15,96312.250%12.250%\$1,957\$242\$1,715\$22,001
Year 29  \$16,598\$1,747\$14,851   \$23,490\$4,012\$19,478
3497.250%5.200%\$1,383\$96\$1,287\$14,67612.250%12.250%\$1,957\$225\$1,733\$20,268
3507.250%5.200%\$1,383\$89\$1,294\$13,38212.250%12.250%\$1,957\$207\$1,751\$18,518
3517.250%5.200%\$1,383\$81\$1,302\$12,07912.250%12.250%\$1,957\$189\$1,768\$16,749
3527.250%5.200%\$1,383\$73\$1,310\$10,76912.250%12.250%\$1,957\$171\$1,787\$14,963
3537.250%5.200%\$1,383\$65\$1,318\$9,45112.250%12.250%\$1,957\$153\$1,805\$13,158
3547.250%5.200%\$1,383\$57\$1,326\$8,12512.250%12.250%\$1,957\$134\$1,823\$11,335
3557.250%5.200%\$1,383\$49\$1,334\$6,79112.250%12.250%\$1,957\$116\$1,842\$9,493
3567.250%5.200%\$1,383\$41\$1,342\$5,44912.250%12.250%\$1,957\$97\$1,861\$7,632
3577.250%5.200%\$1,383\$33\$1,350\$4,09912.250%12.250%\$1,957\$78\$1,880\$5,753
3587.250%5.200%\$1,383\$25\$1,358\$2,74012.250%12.250%\$1,957\$59\$1,899\$3,854
3597.250%5.200%\$1,383\$17\$1,367\$1,37412.250%12.250%\$1,957\$39\$1,918\$1,936
3607.250%5.200%\$1,382\$8\$1,374\$012.250%12.250%\$1,956\$20\$1,936\$0
Year 30  \$16,597\$634\$15,963   \$23,488\$1,487\$22,001
Grand
Total
\$458,832 \$283,832 \$175,000     \$615,921 \$440,921 \$175,000

## Mortgage Calculator - Help

Amortization Schedule
The amortization schedule show you how monthly principal and interest payment and principal balances change over the life of your loan.
Floor Rate
Floor rate is the minimum interest rate for an adjustable rate mortgage (ARM).
Index Rate
Rate Adjustment on ARMs are based on the index rate, the margin, the adjustment schedule, interest rate caps, and floor rate specified in your loan documents. Index rates change over time. They should be published and widely available. Common indexes used for setting mortgage rates have include the Prime Rate, Libor (London Interbank Offer Rate) and U.S. Treasury Rates.
Interest
The portion of your mortgage payment that is due to the interest rate being applied to the principal balance. The Total Interest for a mortgage is the sum of all interest paid over the life of a loan.
Interest Only
Interest-only mortgages allow borrowers to make interest-only payments for a specific period of time. Required mortgage payments can be significantly lower during the interest-only period since the borrower is not required to pay down the principal balance during that time. However, the borrower is taking on more risk since the balance is not being paid down. Interest-Only Mortgages come in a wide variety of types, including both fixed and adjustable rate mortgages.
The interest rate changes on an adjustable rate mortage (ARM) during adjustment periods specified in your loan documents. Your interest rate may have a fixed period where it does not change followed by adjustements on a regularly scheduled basis. For example, the interest rate on a mortgage could be fixed for 2 years followed by adjustments every 6 months.
Interest Rate Caps
Limits how much your interest rate can be increased during each adjustment period for an ARM. The cap for the first adjustment period may be different than the cap on subsequent adjustments. There also may be a maximim overall cap on interest rate increases during the life of your loan.
Interest Rate Scenarios
To decide if an adjustable rate mortgage is right for you, you should how changes in interest rates will effect the mortgage. The adjustable rate mortgage calculator shows you how your payment changes in the best case where rates are set at the minimum for your mortgage, the worst case where rates are set at the maximum for your mortgage, and the stable case where rates remain constant for your mortgage.
Loan Amount
The initial principal balance or your mortgage at closing.
Margin
When an ARM adjusts the margin is added to the index rate to help determine your interest rate. Interest rate caps and the floor rate for your mortgage may limit how much your actual interest rate changes. The margin typically is fixed for the life of the loan. It should be clearly specified in your loan documents.
Payment Shock
Occurs when the required minimum payment for a mortgage increases significantly. This can occur on adjustable rate mortgage when interest rates rise sharply, on interest-only mortgages when the interest-only period ends, and on balloon mortgages when the balloon payment is due.
Principal
The portion of your mortgage payment that is used to pay down the current balance of your mortgage. The principal balance represents how much you owe on the mortgage.
Start Rate
The initial interest rate on an Adjustable Rate Mortgage.
Term
The amortization term is one of the key factors that determine your required mortgage payment. Your required mortgage payment for fully amortizing mortgages is the amount that would result in the mortgage being closest to being paid off by the end of the amortization term. Longer amortization terms result in lower required mortgage payments for fully amortizating mortgages, all other things being equal.