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If you want to buy a house, most likely you need a mortgage. But which kind of mortgage should you choose? The two main types of mortgages considered by home buyers are the fixed-rate mortgage and the adjustable-rate mortgage, or ARM. Why is a home mortgage charged at a fixed or adjustable rate? A variable interest rate mortgage (ARM) is a loan whose interest rates may change periodically, usually based on a predetermined indicator. ARM loans can include an initial fixed-rate term, which is typically between 3 and 10 years. Use this free tool to compare the fixed interest rate with the depreciation and interest rate ARM. A fixed-rate mortgage can provide predictability and stability, and its interest rate, as well as monthly payments of principal and interest, will not change.
With a fixed-rate mortgage, your interest rate stays the same for the duration of the loan. If you have a mortgage for 30 years, then today you pay the same rate as in 30 years. The calculator shows a fully amortized ARM, the most common type of ARM. The calculated monthly payment can pay off the entire mortgage balance at the end of the 30-year term. ARM interest only requires only monthly interest. Since you don't have to pay the principal amount like the other two mortgages, as above, this can lower your monthly payment.
The difference between a fixed and a regulated mortgage interest rate is that for a fixed interest rate, the interest rate is determined when the loan is withdrawn and does not change. With an adjustable-rate mortgage, interest rates can rise or fall. Let's look at how the two different types of mortgages (fixed and adjustable rate) serve different types of borrowers and how their comparative advantages change depending on current interest rates. A fixed-rate mortgage and a floating-rate mortgage have their advantages, but may make more sense for your financial situation. Learn more about the differences between the two so you can determine the most suitable mortgage plan for you.
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