Fixed rate
An interest rate that does not change during the loan term.
Compare an adjustable-rate mortgage to a fixed-rate mortgage to see which saves you more money.
A fixed-rate mortgage keeps the same interest rate for its full term. An adjustable-rate mortgage (ARM) holds its rate steady at first, then can change on a schedule. This calculator compares the initial savings with possible future payment changes.
Enter both starting rates and test a higher ARM rate after the fixed period. Do not assume you can sell or refinance before an increase. Ask the lender for the index, margin, adjustment dates and caps; taxes and insurance can change even on a fixed-rate loan.
An interest rate that does not change during the loan term.
The starting rate and the number of years before adjustments begin.
The market benchmark plus the lender’s added percentage used to set a later rate, subject to limits.
Limits on the first increase, later increases and the lifetime rate. They do not guarantee rates will stay low.
The recalculated payment using the remaining balance and months at the new rate.
The fixed payment minus the starting ARM payment; these savings may shrink or reverse after a reset.
ARM vs. Fixed Rate Mortgage Calculator — Use the note rate for amortization, then add taxes, insurance and mortgage insurance. Stress-test assumptions and share only numeric scenario inputs, never personal identifiers.
Historical 2025 one-unit comparison: conforming $806,500; FHA floor $524,225. County and unit-count limits can differ.
| Loan program | Down payment / equity | 2026 one-unit baseline | Costs and page-specific comparison |
|---|---|---|---|
| Conventional | 3%–5% subject to eligibility | $832,750 | PMI generally below 20% down |
| FHA | 3.5% at 580+; 10% at 500–579 | $541,287 floor | 1.75% upfront MIP; 0.55% annual for >95% LTV, base loan ≤$726,200, term >15 years |
| VA | 0% for eligible borrowers | No VA limit with full entitlement | No monthly PMI; funding fee unless exempt |
| USDA | 0% for eligible borrowers | Income, address and repayment eligibility | Guarantee and annual fees; confirm current schedule |
| Jumbo | Lender-specific cash and reserves | Above applicable conforming limit | Lender-specific pricing and insurance |
| Home Equity / Refinance | Equity and underwriting dependent | Property and lender dependent | Compare closing costs, term and break-even |
Sources: FHFA limits; HUD FHA limits.
Verification date: Not recorded; check the primary source and lender timestamp before relying on an estimate.
Rate comparisons use participating lender feeds, not a whole-market survey or guaranteed offers. Freddie Mac PMMS is a market benchmark, not a personalized quote. Calculator models rely on published regulatory formulas and disclosed assumptions rather than fabricated first-person loan testing.
Monthly principal and interest use the amortization formula P × r / (1 − (1 + r)−n), where r is the monthly note rate and n is the number of payments; at zero interest use P / n. PITI adds monthly property taxes and homeowners insurance; PMI is separate. APR includes applicable finance charges under Regulation Z and is not the note rate used for payments. Compare lender Loan Estimates for actual APR and fees.
The payment snapshot uses illustrative annual taxes of 1% of home price, $1,200 insurance and 0.5% PMI below 20% down, not verified local quotes. Other calculators disclose their inputs and assumptions. Published guidance and lender feeds may change independently; confirm current program rules, taxes and offers before a decision.