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Adjustable Rate Mortgage Calculator

Adjustable Rate Mortgage Calculator

Determine your initial mortgage payment and potential future payments for an adjustable rate mortgage (ARM). Our calculator allows you to understand the worst case scenario for an ARM by showing what the mortgage payment and total interest expense over the life of the mortgage would be if the interest rate reached its maximum level as soon as possible

Watch our Adjustable Rate Mortgage Calculator "How To" video

Inputs

Indicates the size of mortgage you would like to obtain
Please Enter Mortage Amount
The length, in years, of the mortgage. The most common mortgage term is 30 years
Please Select Mortgage Term (Years)
Initial time period for an ARM during which the interest rate is fixed and cannot change. The fixed rate period is typically 3, 5, 7 or 10 years
Please Select Fixed Rate Period
The current fixed period interest rate for a 5/1 ARM is approximately 6.000%
Please Select Fixed Period Interest Rate
Determines how frequently your interest rate adjusts during the adjustable rate period of the mortgage. The adjustment period is typically every year (annual) or every six months (semi-annual)
Please Select Adjustment Period
The index is an underlying interest rate that is added to the margin to calculate the mortgage rate for an ARM. Lenders typically use the 30 day average SOFR as the index for ARMs after June 2020 and the 1 year LIBOR for mortgages before June 2020.
Please Select ARM Index
The current value of the ARM index. The value of the index can change over the mortgage term.
Please Enter ARM Index (%)
The second of two components used to calculate the fully-indexed rate. The margin is a set interest rate that does not change over the term of an adjustable rate mortgage. The margin for an ARM is typically 2.0% - 3.0%.
Please Select ARM Margin
A cap that limits the change in interest rate for the initial adjustment period following the fixed rate period
Please Select Initial Adjustment Cap
A cap that limits the change in the fully-indexed rate in any single adjustment period following the initial adjustment period
Please Select Adjustment Cap
A cap that limits the maximum increase in interest rate over the term of the mortgage
Please Select Life Cap
The type of mortgage your looking to obtain
Please Select Mortgage Type
Submit Valid Info to Compare Lenders and Save Money!When you provide valid personal info we may connect you with lenders which enables you to compare mortgage proposals and find the mortgage that is right for you. Click calculator for a version of this calculator that does not require personal info
 
Please Enter Your First & Last Name
Please Enter a Valid First Name
Please Enter a Valid Last Name
 
Please Enter Your Phone Number
Please Enter a Valid Phone
Please Enter Your Email
Please Enter a Valid Email
Your credit score to the best of your knowledge
Please Select Credit Score

Outputs

Your monthly mortgage payment during the initial fixed rate period of the mortgage
Current Fully-Indexed Rate Scenario
Current fully-indexed rate based on the current value of the ARM index and margin. This is the value of the fully-indexed rate today, the value of the fully-indexed interest will likely change in the future
Initial mortgage payment during the adjustable rate period of the mortgage. Calculated based on the current fully-indexed rate
Total interest expense over the term of the mortgage based on using the current fully-indexed rate to calculatethe monthly mortgage payment throughout the entire adjustable rate period of the mortgage
Worst Case Scenario
The maximum interest rate possible at the beginning of the adjustable rate period
Initial mortgage payment during the adjustable rate period of the mortgage; calculated based on the maximum interest rate possible at the beginning of the adjustable rate period
The maximum possible interest rate over the life of the mortgage. Determined by the life cap of the mortgage
The first month when the maximum possible interest rate can be used to calculate the monthly mortgage payment. Determined by adjustment cap and life cap
Monthly mortgage payment based on the maximum possible interest rate over the life of the mortgage and the mortgage balance at that time
The worst case scenario -- total interest expense over the term of the mortgage calculated based on reaching the maximum interest rate as soon as possible

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Current Mortgage Rates in Columbus, Ohio as of February 22, 2025
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Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes, insurance premiums or private mortgage insurance if applicable. Actual payments will be greater with taxes and insurance included. Read through our lender table disclaimer for more information on rates and product details.
While we pride ourselves on the quality and breadth of the FREEandCLEAR mortgage calculators please note that they should be used for informational purposes only. Our calculators rely on assumptions by us and inputs and assumptions provided by you, which may be inaccurate. The outputs from our calculators are estimates only and should not be used as the sole basis for making any financial decisions. Always consult multiple financial professionals when determining the mortgage size and program that is appropriate for you.
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