Illustration 2 - Federal Deposit Insurance Corporation
Illustration 2
| SAMPLE MORTGAGE COMPARISON |
|(Not actual loans available) |
|Sample Loan Amount $200,000 – 30-Year Term – Interest Rates For Example Purposes Only |
| |Traditional Fixed Rate Mortgage |5-Year Interest-Only ARM |Payment Option ARM |
| |(__%) |(initial rate __%; |(rate in 1st month __%; variable rate after 1st month |
| | |maximum rate __%) |(starting at __%); maximum rate __%) |
|REQUIRED MONTHLY PAYMENTS |
|Years 1-5 |$_____ |$_____ |$___ — $___ |
| | | |(increasing annually) |
|Year 6 – if rates |$______ |$______ |$______ |
|don’t change | | | |
|Year 6 – if rates |$______ |$______ |$______ |
|rise 2% | | | |
|Year 8 – if rates |$______ |$______ |$______ |
|rise 5% | | | |
|EFFECT ON LOAN BALANCE AND HOME EQUITY |
|After 5 Years, How Much Will You Owe? |$______ |$200,000 |$________ |
|After 5 Years, How Much Home Equity Have |$______ |$0 |NEGATIVE $______ |
|Your Loan Payments Built? | | | |
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