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Smart Rate Adj Mortgage vs. Fixed Rate

A fixed rate mortgage has the same payment for the entire term of the loan. A Smart Rate adjustable mortgage (ARM) has a rate that can change, causing your monthly payment to increase or decrease. Use this calculator to compare a fixed rate mortgage to two Smart Rate adjustable mortgage scenarios:
  1. A fully amortizing Smart Rate mortgage on which you make the minimum payments required.
  2. A fully amortizing Smart Rate mortgage on which you choose to make a larger, fixed payment each month. Most people want to see how quickly they can pay down their adjustable rate mortgage if they were to make the same higher payment required for a fixed rate mortgage for the same loan amount. For this reason, default 'Desired Fixed Monthly Payment' is equal to the fixed rate mortgage payment.
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Third Federal Savings and Loan Association of Cleveland
7007 Broadway Ave.
Cleveland, OH 44105

Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax 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.