Here's a tool that will help you to compare the total monthly payment on fixed rate and adjustable rate (fully amortizing and interest-only) loans for a specific time period. You can also figure out the total interest and maximum monthly payment payable on an FRM and ARM.
Added on: Sun Feb 18, 2007 8:39 pm
carnahandavid
This tool will help borrowers a lot as often times they are confused which type of mortgage will be suitable for them, an Adjustable Rate Mortgage or a Fixed Rate Mortgage. Now they will be able to compare the monthly payments between the two and select the loan which they will be able to afford.
