Columbus Adjustable Rate Mortgage Calculator

Though less common today, adjustable-rate mortgages (ARM Mortgage) can be a useful option in certain situations. For the right borrower, an adjustable-rate loan offers many benefits compared to a fixed-rate loan.

Adjustable-rate mortgages offer a lower interest rate at the beginning of the loan period. This low introductory rate eventually unlocks, increasing based on an outside index. This means that borrowers who know they will be paying off their mortgage quickly (such as those with a large amount of savings from a previous home sale) can benefit from the lower intro rate, paying off the full amount of the loan before rate increases.

Multiple Types of Adjustable-Rate Mortgages

Several types of ARMs are available to borrowers. The primary categories are ARMs that adjust annually, and those that adjust semi-annually. Most ARMs also include caps on the amount that your monthly payment can increase, keeping the interest rate from spiking too rapidly.

Borrowers who plan to move within 3-5 years of acquiring their loan may find great value in an adjustable-rate mortgage. The mortgage experts at The Columbus Mortgage company will help you weigh current market conditions, personal goals and risk tolerance when considering this type of loan.

Interested in learning what your monthly payments might be under an adjustable-rate mortgage? This calculator estimates payments and interest for an ARM, with the maximum rate increases allowed at each interval until the cap is reached.

Take The Next Step

Are you looking to take the next step towards prequalification? The Columbus Mortgage Company is here to assist you! Our team of experts will help you take advantage of any benefits you may be entitled to, such as loan or down payment assistance programs.