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Which is better: fixed or adjustable?


This tool calculates the monthly mortgage payment for a fixed- and adjustable-rate mortgage (ARM) loan, given their respective interest rates and other loan terms.

Payments on an adjustable-rate mortgage are fixed for an initial period and are usually adjusted annually after the initial period. For example, a 3/1 ARM loan would have a fixed rate for the first three years and be readjusted once a year thereafter.

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