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Fixed or Adjustable Mortgage Payment Calculator

Fixed vs. Adjustable Rate Calculator

When you're thinking about what type of mortgage you should consider, and how much house you can reasonably afford, an online mortgage payment calculator can be your best friend. Essentially, all you have to do is plug in some financial information, and let the online calculator do the work. And given that even half a percentage point in the difference between one loan and another could save you $50,000 or even more, it makes sense to do the math before you commit.

Using Online Calculators

A good online calculator will ask you the following questions:

  • How much you want to borrow
  • How much of a down payment you'll be making
  • Whether you're considering adjustable rate mortgage or a fixed-rate mortgage
  • How soon you want the mortgage: Now, in a few months, or whenever

These are just the basics. Depending on which online calculator you're using, you may be asked for additional information. Once the online calculator has given you figures based on the information you've provided, you can begin determining what type of mortgage loan is right for you.


First, let's quickly review the most common types of mortgages:

  • Fixed-Rate Mortgage: This is typically financed over a period of 30 years, but you could consider a 15-year mortgage if you have deeper pockets. The rate won't change, so you'll know that your monthly payments will be the same over the entire term of your loan.
  • ARM (Adjustable-Rate Mortgage): This type of mortgage typically starts you off at a low rate, and it's good for a certain period of time. However, as interest rates change, at some point so will your rate. If you're not going to stay in your house for a long time, then an ARM may be the right choice for you. However, if you're planning to live in the home for the rest of your life (or for close to the duration of the mortgage), you will probably be better off with a fixed-rate mortgage. A lot can change in 30, or even 15, years.
  • Home Equity Loan: This type of loan allows you to borrow against the equity in your home. It's usually considered by people who are looking to buy a second home, or who want to make repairs or renovations to their existing home.
  • Line of Credit: Lines of credit don't have a fixed term, and can be desirable in that you'll have a great deal of access to money. People often take out lines of credit against their home if they're considering renovations, or if they need money for other purposes, like financing education or another major purchase. If you feel that you might have trouble being disciplined when it comes to the use of your available funds, though, a line of credit may not be a wise choice. It's easy to say "let's go on vacation", or "let's buy a second car", but you have to remember that you're borrowing against your home, and if you end up defaulting... well, do we really need to tell you?


Find out what your mortgage payment is on a fixed or an adjustable rate mortgage with the help of mortgage payment calculator. Show amortization schedule or annual mortgage payment balanced including taxes, insurance or homeowner's association fees. Look at your amortization schedule for a fixed mortgage rate term with an initial interest only payment and more.

Mortgage Loan Terms:
Optional Monthly Amounts:
(x 1000 $s)

Years Into Payment
    Balance with no extra payments
Online calculators are provided as loan scenario comparison tools, independent of actual mortgage loan terms. Such information contained herein is made available to you as a self-help tool for illustrative use only. Examples are hypothetical. Although Arbor Financial Group believes the calculations to be accurate, the results are not warranted. We cannot and do not guarantee the applicability or accuracy in regards to your individual circumstances. Contact one of our qualified agents for a professional personalized advice.