![]() Also choose whether ‘Minimum Length Between Steps’ is years or months. Minimum Length Between Steps: Each interest rate adjustment will hold the new rate for at least this long. Maximum Interest Rate Step: The maximum percent your interest rate can go up each time it is adjusted. Also choose whether ‘Length of Initial Fixed Rate’ is years or months. The ‘Length of Initial Fixed Rate’ is probably several years and is usually longer than the ‘Minimum Length Between Steps’. Length of Initial Fixed Rate: The length of time the ‘Initial Interest Rate’ is guaranteed or fixed. Initial Interest Rate: The initial interest rate for your adjustable rate mortgage. (NOT the amount of money you plan to borrow.)ĭown Payment: The amount of money you plan to put as a down payment on your property. Sale Price: The sale price for your property. This field is not required but may help if you have printed out several loan scenarios. Lender: The name of your potential lender. Title: A title for these calculator results that will help you identify it if you have printed out several versions of the calculator. You can display and/or print the amortization schedule for your loan. You can even enter an additional payment amount you intend to pay each month to work down your principal and the calculator will show you the anticipated payoff time. You can also enter the points and other closing costs and roll those into your loan. This calculator will then show you the initial fixed rate monthly principal and interest payment, your maximum monthly principal and interest payment, the total amount of interest you will pay and the total amount of money you will spend over the life of the loan. Also enter the length of the entire loan. Then enter the initial fixed interest rate and the guaranteed fixed rate length, the maximum interest rate adjustment and the minimum length of time between adjustments, and the maximum interest rate for the loan. Enter your sale price and any down payment you’re making. The calculator has the interest rate always go up after the minimum length between steps and it always goes up the maximum step percent until the interest rate reaches the maximum. Note that this calculator is designed to show you the worst case scenario or maximum possible payout for an A.R.M., which is not likely to actually happen. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review Bank of America Online Privacy Notice and our Online Privacy FAQs.How much might my payments be with an adjustable rate mortgage?Ĭalculate the monthly payments for an adjustable rate mortgage (A.R.M.) loan. These ads are based on your specific account relationships with us. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements.Īlso, if you opt out of online behavioral advertising, you may still see ads when you log in to your account, for example through Online Banking or MyMerrill. If you opt out, though, you may still receive generic advertising. ![]() ![]() If you prefer that we do not use this information, you may opt out of online behavioral advertising. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. Relationship-based ads and online behavioral advertising help us do that. We strive to provide you with information about products and services you might find interesting and useful.
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