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Fixed or Adjustable Rate?

If you are trying to decide between a fixed-rate and adjustable-rate loan, the following calculator can help. Enter the details of each loan below, and the calculator will compute the interest paid, total amount paid, and remaining loan balance at the end of the time you expect to live in your home.

Fixed vs. Adjustable Rate Calculator

Loan amount
Loan term (in years)
Years you expect to live in house
Fixed interest rate
Initial adjustable interest rate
Years before first adjustment
Years between subsequent adjustments
Maximum increase per period
Maximum interest rate (lifetime cap)

Results Interest paid Total paid Remaining balance
Fixed rate
Adjustable rate - Best-case scenario
Adjustable rate - Worst-case scenario

NOTE: The "best-case" scenario assumes that the interest rate remains at the initial adjustable interest rate for the life of the loan. The "worst-case" scenario assumes that the interest rate increases the maximum allowed at every opportunity until it reaches the lifetime cap.

Related Links
Mortgage Types: Fixed and Adjustable Rate Mortgages
Choosing the Right Loan for You
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