Fixed-rate mortgage. A home loan with an interest rate that remains the same for the entire term of the loan. Adjustable-rate mortgage (ARM) Also called a variable-rate mortgage, an adjustable-rate mortgage has an interest rate that may change periodically during the life of the loan in accordance with changes in an index such as the U. Prime Rate or the London Interbank Offered Rate (LIBOR).
Bank of America ARMs use LIBOR as the basis for ARM interest rate adjustments. Your monthly payment may fluctuate as the result of any interest rate changes, and a lender may charge a lower interest rate for an initial portion of the loan term.
Most ARMs have a rate cap that limits the amount of interest rate change allowed during both the adjustment period (the time between interest rate recalculations) and the life of the loan. Our calculator is unable to display your results.
Interest rates can top 1,000, and nearly half of borrowers default inside two years. Explore other options. Search the alternatives below, borrow from friends or family, ask your boss for an advance, or even use a pawn shop - anything but a payday loan.
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Maximum loan amount 20,000. This calculator is provided for illustrative purposes only and does not constitute a quote. It does not take into account your personal needs and financial circumstances. All loans are subject to suitability. Minimum loan amount 2,001. Maximum loan amount 20,000. Maximum APR 29.
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