Fixed Rate Mortgage vs. LIBOR ARM

A LIBOR ARM could save you SAVINGS_IO_MONTH per month.

A LOAN_AMOUNT Fixed Rate Mortgage with a term of TERM years at INTEREST_RATE0 has a monthly payment of MONTHLY_PI0. If you were to finance this mortgage with a LIBOR ARM at INTEREST_RATE2 the monthly payment would be MONTHLY_PI2*, saving you SAVINGS_IO_MONTH per month.

LIBOR ARM vs. Fixed Rate Mortgage
 LIBOR ARM
Initial savings on monthly payment*SAVINGS_IO_MONTH
Payment savings first year*SAVINGS_IO_FIRST_YEAR
Payment savings for five years*SAVINGS_IO_FIVE_YEAR
Payment savings over TERM years*SAVINGS_IO_TERM_YEAR
Final balance*MSG_FINAL_PAYOFF2
*This includes a PREPAYMENT2 prepayment of principal each month.

Results Summary
 Fixed Rate MortgageLIBOR ARM
Loan amountLOAN_AMOUNTLOAN_AMOUNT
TermMSG_PAYOFF0MSG_PAYOFF2
Interest rateINTEREST_RATE0
Fixed for TERM years.		INTEREST_RATE2
Rate is fixed for ADJUSTABLE_MONTHS_FIXED2 months and then is adjusted by ADJUSTABLE_RATE_INCR2 every ADJUSTABLE_RATE_FEQ2 months, up to a maximum of ADJUSTABLE_RATE_CAP2. The highest rate actually charged was HIGHEST_RATE2.
Initial monthly paymentMONTHLY_PI0MONTHLY_PI2
Includes a PREPAYMENT2 monthly prepayment of principal
First year totals:
  Interest
  Principal
  Payments
 FIRST_YEAR_INTEREST0
FIRST_YEAR_PRINCIPAL0
FIRST_YEAR_TOTAL0		FIRST_YEAR_INTEREST2
FIRST_YEAR_PRINCIPAL2
FIRST_YEAR_TOTAL2
Five year totals:
  Interest
  Principal
  Payments

 FIVE_YEAR_INTEREST0
FIVE_YEAR_PRINCIPAL0
FIVE_YEAR_TOTAL0		FIVE_YEAR_INTEREST2
FIVE_YEAR_PRINCIPAL2
FIVE_YEAR_TOTAL2
Total interestTOTAL_INTEREST0TOTAL_INTEREST2
Total paymentsTOTAL_PAYMENTS0TOTAL_PAYMENTS2
Ending balance ENDING_BALANCE0ENDING_BALANCE2

Payment schedule
**REPEATING GROUP**

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.