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Compare ARM and Fixed Rate Mortgage

ARM vs. Fixed Rate Mortgage

Compare a fixed rate mortgage with two types of adjustable rate mortgages (ARMs), a fully amortizing ARM and an interest only ARM. With a fully amortizing ARM, the monthly payment is calculated so you will pay off the complete mortgage balance at the end of the term. With interest only ARMs, you are only required to pay interest in your monthly payments which may result in lower payments initially but a balloon payment at the end of the term.

Both types of ARMs have rates that can change, causing your monthly payment to increase or decrease throughout the term. A fixed rate mortgage will keep the same monthly payment for the entire term of the loan. Use this calculator to figure out which option would work best for you.

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Need more space or looking to move to a different neighborhood? Get started on the process and finance your next home with Landmark Credit Union.

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Thinking of refinancing? It may be time to refinance if you can lower your interest rate, or if the value of your home has increased. It can even be helpful for home improvement, debt consolidation or simply lowering your monthly payment.

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 cannot 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.

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