Johns Hopkins Federal Credit Unionwww.jhfcu.org
Considering the different home loan types, available interest rates and discounts, there are an array of options for your mortgage. Use this calculator to easily compare up to three different mortgages to find out which one works best for you.
Loan Amount
Enter the loan amount for all three loans.
Annual Interest Rate
Enter the annual interest rate that you want to use for this loan.
Discount Points
Discount points are a form of pre-paid interest that you can pay as a means of obtaining a lower mortgage interest rate. One point equals 1% of the loan amount. Enter the discount points for this loan.
Principle & Interest Payment
The principle and interest payment for each loan based on the term and rate. ARM loans are amortized using a 30 year term and will usually either convert to another loan type or have a balloon payment payment due.
Total discount points paid when the loan is orginated.
Mortgage Term
The duration of each loan. An ARM (Adjustable-Rate Mortgage) is a mortgage loan where the interest rate on the note is periodically adjusted based on a variety of indices. An ARM is amortized using a 30 year term and "life of the loan" is the ARM term. A 5 year ARM would have a term of 60 months (5 years).
Interest Rate
Interest rate for each loan.
Discount Points per Month
This value is total discount points spread out over the term of the loan. If the loan is a 5 Year ARM then the discount points are divided by 60 months (5 years). Discount points are paid when you originate the loan. This amount is NOT added to your payment, it can be used to see how much the discount points cost each month over the life of the loan.
Total Interest Paid
This value is the total interest paid over the term of the loan. If the loan is a 5 Year ARM then the interest is totaled for 5 years.
Johns Hopkins Federal Credit Union
Johns Hopkins Federal Credit Union is proud to be the Credit Union serving the Hopkins community since 1971. Our membership is open to employees, and their family members, who work for the Johns Hopkins community and associated organizations. Please visit www.jhfcu.org for eligibility and more information. 2027 E Monument StBaltimore, MD 21287-0009(410) 534-4500www.jhfcu.org
Home Buying Institute provides a wealth of information on the different types of mortgage loans.
The U.S. Department of Housing and Urban Development (HUD) offers a guide to "Looking for the Best Mortgage."
The HomeLoanLearningCenter.com provides step-by-step information on how to become financially literate.
Homeownership Preservation Foundation is an independent nonprofit that provides HUD-approved counselors dedicated to helping homeowners.
