FRB Mortgage Comparison Calculator

Help

This mortgage calculator is designed to help you compare the monthly payments and the amount of equity you will build in your home for several kinds of fixed and adjustable-rate mortgages. You can get more information on how to use this calculator and learn important information about the calculations you will see. Select the types of mortgages you want to compare by filling in interest rates for those mortgages. You can find information about interest rates on the Internet, in newspapers, or from your financial institution, lender, or broker. You will need to compare at least one fixed-rate mortgage with at least one adjustable-rate mortgage.

Loan Information - Required
Purchase price or home value $		Primary mortgage amount $
Type of ARM		Second mortgage amount, optional $

Fixed-rate mortgage

Provide interest rate for at least one

(Optional) Interest only fixed rate

30-year fixed-rate

%

5-year interest-only fixed-rate

%

Help - Interest rate for interest-only fixed-rate mortgage

15-year fixed-rate

%

Adjustable-rate mortgage

(Required)

Expected interest rate change in year 6

%

Provide an interest rate for at least one of the ARMs, interest-only ARMs, or payment-option ARMs listed below

5/1 ARM

%

5-year payment-option ARM
Introductory rate period
Introductory rate	%
Fully-indexed rate	%

5/1 interest-only ARM

%

Private mortgage insurance
If you know your PMI add it here
PMI (monthly premium) $

Second mortgage information
Second mortgage rate	%
Second mortgage term