What is fixed
On a fixed-rate fully amortizing loan, the note rate does not change. Taxes, insurance, and mortgage insurance still can.
The payment calculator assumes the rate you enter stays in place for the whole term.
What can move on an ARM
After the initial period, the rate is typically the index plus a margin, limited by periodic and lifetime caps. This site does not read a live index.
The ARM calculator lets you type a rate to test. If that rate is above the caps, the model uses the cap and says so.
| Loan | Rate after closing |
|---|---|
| Fixed | Stays at the note rate |
| ARM | Can change after the initial period, within caps |
Calculators
Related guides
Sources
Common questions
Does the ARM calculator predict my rate?
No. It prices a rate you type, then applies the caps you type.
Are taxes fixed on a fixed-rate loan?
No. Only the note rate is fixed. Escrow bills can change.