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.
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Clicking the Calculate button will show you the amortization schedule for the stable and worst case interest rates. 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.Click on the Calculate button in the form below to generate the results or enter your own information.
Fixed-Rate Interest-Only Mortgages:
30 Year Fixed Interest-Only Mortgage 20 Year Fixed Interest-Only Mortgage
Interest-Only ARMs With Interest-Only Periods Matching Fixed-Rate Period:
Interest-Only 3/1 ARM Interest-Only 5/1 ARM Interest Only 7/1 ARM
Interest-Only 10/1 ARM
Interest-Only ARMs With Interest Only Periods Longer Than Fixed-Rate Period:
3/1 ARM (10 Year Interest-Only Period) 5/1 ARM (10 Year Interest-Only Period)
7/1 ARM (10 Year Interest-Only Period)
