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What will my ARM Loan Payment Be?

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Description
This calculator estimates the initial payments as well as the future payments for an ARM mortgage. The ARM loan parameters (Initial Rate, Index, Margin) are used in this calculator. Only the first interest rate change is calculated to the fully indexed interest rate. (Index + Margin).
What will my ARM Loan Payment Be?
Loan Information
Loan Amount ($)  Glossary of Terms
Length of Loan (Yrs)  Glossary of Terms
Initial Period (Yrs)  Glossary of Terms
Rate Information
Initial Rate (%)  Glossary of Terms
Current Index (%)  Glossary of Terms
Margin (%)  Glossary of Terms

Result
Loan Amount: $150t000.00
Lenght of Loan: 30 Years
Average Monthly Payment: $1t098.73
Average Rate: 7.982%
Initial Rate: 6.500%
Monthly Payment: $948.10
Period Length: 3 Years
Balance after 3 Yrs: $144t625.86
Adjusted Rate: 8.250%
Monthly Payment: $1t115.47
Period Length: 27 Years

Glossary of Terms
Loan Amount: Money borrowed that is usually repaid with interest to purchase property. Return to Top
Length of Loan: The number of years required to pay off the principal and interest of the loan. Return to Top
Initial Period: The starting period where the interest rate is fixed during the duration. The initial period could be 1, 3, 5, 7 and 10 years. Return to Top
Initial Rate: Initial annual interest rate for this mortgage. The rate is fixed for the whole initial period. Return to Top
Current Index: After the the end of the initial period, the mortgage rate is based on a current index. The current index could be based on U.S. treasuries and national or regional average cost of funds to savings and loan associations. Return to Top
Margin: To determine the interest rate on an ARM, lenders add to the index rate a few percentage points called the "margin." The amount of the margin can differ from one lender to another, but it is usually constant over the life of the loan. Return to Top

Disclaimer: We cannot guarantee the accuracy of this calculator. You should check with your finance provider before entering into any contracts.