Nash County Home With 4.37 Acres!

Adjustable Rate Mortgage

Definitions

Mortgage amount

Original or expected balance for your mortgage

Starting interest rate

Initial annual interest rate for this mortgage

Term in years

The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years

Interest rate cap

This is the highest interest rate allowed by your mortgage. Your actual interest rate will not be adjusted above this rate

Expected adjustment

The amount you believe that your mortgage's interest rate will change. This amount will be added to or subtracted from your interest rate

Months between adjustments

The number of payment periods between potential adjustments to your interest rate. The most common is 12 months, which means your payment could change at most once per year

Starting monthly payment

Monthly principal and interest payment (PI) based on your beginning balance and starting interest rate

Total payments

Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal

Total interest

Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.