![]() ![]() To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review Bank of America Online Privacy Notice and our Online Privacy FAQs. These ads are based on your specific account relationships with us. ![]() In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements.Īlso, if you opt out of online behavioral advertising, you may still see ads when you log in to your account, for example through Online Banking or MyMerrill. If you opt out, though, you may still receive generic advertising. If you prefer that we do not use this information, you may opt out of online behavioral advertising. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. Relationship-based ads and online behavioral advertising help us do that. We strive to provide you with information about products and services you might find interesting and useful. Select the About ARM rates link for important information, including estimated payments and rate adjustments. ARM interest rates and payments are subject to increase after the initial fixed-rate period (5 years for a 5y/6m ARM, 7 years for a 7y/6m ARM and 10 years for a 10y/6m ARM the 6m shows that the interest rate is subject to adjustment once every six months thereafter). Should you choose to waive escrows, your rate, costs and/or APR may increase. Advertised loans assume escrow accounts (monthly collection of subject property taxes and any applicable homeowners insurance with your monthly principal and interest payment) unless you request otherwise and the loan program and applicable law allows. Any other fees such as property tax and homeowners insurance are not included and will result in a higher actual monthly payment. Monthly payments shown include principal and interest only, and (if applicable), any required mortgage insurance. Chart accuracy is not guaranteed and products may not be available for your situation. Your actual rate and APR may differ from chart data. Advertised rate, points and APR are based on a set of loan assumptions (refer Loan assumptions and disclosures above for important information). This is an interest only payment for an Interest Only ARM.Chart data is for illustrative purposes only and is subject to change without notice. Monthly principal and interest payment (PI) for the Fixed Rate Mortgage and the Fully Amortizing ARM. An adjustable rate mortgage (ARM) has a rate that can change. A fixed rate mortgage has the same payment for the entire term of the loan. fixed rate mortgage calculator to compare a fixed rate mortgage to two types of ARMs, a Fully Amortizing ARM and an Interest Only ARM. The mortgage's interest rate will never exceed the interest rate cap. Tools that can help you navigate your financial journey. This is the maximum interest rate for this mortgage. The rate will then adjust annually by the expected rate change. During this period the interest rate and the monthly payment will remain fixed. This is the number of months the rate is fixed for an ARM. The rate of an Interest Only ARM will vary by lender. Typically an ARM will have a lower interest rate than a fixed rate mortgage. Use a negative value if you believe interest rates will decrease, a positive value if you believe they will increase.Īnnual interest rate for each mortgage type. The range for this calculator is minus 3% to plus 3%. The annual adjustment you expect in your ARM. Please note that for the Interest Only ARM you will have a balloon payment for the entire principal balance at the end of the loan term. The most common mortgage terms are 15 years and 30 years. The number of years over which you will repay this mortgage. This calculator uses a maximum interest rate of 12%. An Interest Only ARM will also have a maximum interest rate that it will not exceed. Like a Fully Amortizing ARM, an Interest Only ARM will often have a period where the interest rate is fixed, and then it is adjusted annually. However, since your mortgage's principal balance is not decreased, you will have a balloon payment at the end of the mortgage's term. Since you are not paying any principal, as you are with the other two types of mortgages described above, this can lower your monthly payment. Use our adjustable rate mortgage (ARM) calculator to see how interest rate. Fixed for 36 months, adjusts annually for the remaining term of the loan.Īn Interest Only ARM only requires monthly interest payments. ![]()
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