Calculate estimated payments and interest for an adjustable rate loan, assuming a worst case scenario where the rate increases by the maximum amount allowed at each interval until it reaches the rate cap. Actual payment amounts depend on the true interest rate, which may go up or down at each interval.
Principal amount: $
Down Payment Amount: $
Number of Months: months
Beginning Interest rate: %
Rate Cap(Life Rate Cap): %
Maximum amount the rate will increase at the first interval: %
Maximum amount the rate will increase at each subsequent interval:%
Number of months before the first rate increase:
Number of months between subsequent rate increases:
Initial Payment Amount: $658.60
Financial Details:
Principal Amount: $100,000.00
Initial Payment Amount: $658.60
Total Amount Financed: $100,000.00
Total Payments: $281,315.51
Total Finance Charge: $181,315.51
APR: 8.473%
Initial Interest Rate: 6.900%
Interest Compounding: Monthly