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A variable-rate mortgage, adjustable-rate mortgage (ARM), or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets. [1] The loan may be offered at the lender's standard variable rate/base rate. There may be a direct ...
The major variables in a mortgage calculation include loan principal, balance, periodic compound interest rate, number of payments per year, total number of payments and the regular payment amount. More complex calculators can take into account other costs associated with a mortgage, such as local and state taxes, and insurance.
For a 30-year loan with monthly payments, = = Note that the interest rate is commonly referred to as an annual percentage rate (e.g. 8% APR), but in the above formula, since the payments are monthly, the rate i {\displaystyle i} must be in terms of a monthly percent.
These figures are higher than a year ago, when rates averaged 6.63% for a 30-year term and 5.94% for a 15-year term. “The 30-year fixed-rate has hovered between 6% and 7% for most of the last ...
If you have a strong credit score and can afford to make a sizable down payment, a conventional mortgage is the best pick. The 30-year, fixed-rate option is the most popular choice for homebuyers.
For a $300,000, 30-year mortgage, getting a 6 percent rate instead of a 6.5 percent one, for example, could save you nearly $1,200 a year, and nearly $6,000 over five years. ... The best mortgage ...