Flo Hammond,
Agent, Atlanta, GA
http://www.bankrate.com has great mortgage calculators.
Flo Hammond
Harry Norman, Realtors
flo.hammond@harrynorman.com
Flo Hammond
Harry Norman, Realtors
flo.hammond@harrynorman.com
Chris Carroll,
Agent, Atlanta, GA
Sounds like you are already aware that you should consult your loan docs to understand which index your ARM is tied to and how much is added to it to determine your new rate. Here's the good news -- your loan may very likely decrease, not increase. The federal rate of funds is near zerio, and most margins are no more than 2.75 to 3 additional points. Good luck!
Richard Reid,
Broker, Decatur, GA
You should be able to use a normal calculator if it allows you to enter the term. Trulia offers one at http://www.trulia.com/mortgage/calculator/payment/ . I you want help working through it, feel free to contact me. I'm in Decatur, and would be happy to go through the details. There are some factors that could be addressed in your specific loan that will affect the actual payment, but in a straight forward scenario, just use the calculator referenced above adjusting the months to the remaining term of your loan and the new interest rate.
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