Monday, July 9, 2007

Mortgage Comparison Calculator

The Federal Reserve Board has added this calculator to their website. If you're a fixed-rate kind of person, like me, it's not all that helpful. But it's a great tool for comparing your long-term monthly payments, as well as your long-term equity gains for fixed-rate versus adjustable-rate loans, including determining the difference in the amount you'll owe in five years if you choose an (increasingly popular) interest-only payment option or other payment-option ARMS.

It does not take into account the likely increase in your home's value over five years, however. So it's not an exact equity projection, but it's very helpful for comparing loans to loans.

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