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Which is better: fixed or adjustable?

		Fixed Rate		Adjustable Rate
	Interest Rate		%
	Loan amount	$		$
	Term (years)
	Discount points	$		$
	Origination fee	$		$
	Upfront costs	$		$
Your savings rate					%
Your state + federal tax rate					%
Purchase price				$
Yearly property tax				$
Yearly property insurance				$
Years before you sell or pay off loan
	Regarding the adjustable rate mortgage
Months before first adjustment
Months between rate adjustments
Maximum rate adjustment					%
Minimum rate					%
Maximum rate					%
Margin					%
Index rate					%
Index rate change per adjustment					%
Months between index adjustments
	Predicted change in rates
	Interest rates will remain the same
	Interest rates will increase
	Interest rates will decresase

		Fixed Rate	Adjustable Rate
	Principal and interest	$854.00	$463.12
	Taxes and insurance	$475.00	$475.00
	Mortgage insurance	$36.99	$0.00
	Total payment	$1,365.99	$938.12

This calculator 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.

The interest rate on an adjustable-rate mortgage loan is reset on the loan's anniversary date. To calculate the new rate, a spread, or margin, is added to a widely used index rate.

Two widely used index rates are the yield on 1-year U.S. Treasury bills and 11th District Cost of Funds Index (COFI), published by the Federal Home Loan Bank Board.

Your monthly payment increases and decreases with a change in the loan interest rate. Because loan payments change periodically, adjustable-rate mortgages are not for every homeowner.

Adjustable-rate mortgage loans usually have a periodic and lifetime cap that limit how high the interest rate can change in one period and over the lifetime of the loan, respectively.