At Downs Financial, Inc., we offer you unlimited resources for your refinancing needs: we have a friendly, expert staff of licensed loan officers with years of experience and industry know-how. We offer easy pre-approval applications online or by phone. In addition, we offer convenient mortgage calculators to provide an accurate estimate of what kind of payments you can expect with any one of our competitive loan programs.
On our website, we offer a loan amortization calculator. This calculator figures the monthly payments you can expect to make. For adjustable rate mortgages (ARMs), you can figure the monthly amount for each term at its individual percentage rate. For example, a 2/27 ARM has a fixed rate for two years, with a variable rate for the remainder of the loan. You can figure your first two year's worth of payments, as well as estimate the remaining payments for the duration of the loan.
Also included in the summary of the monthly payments is a breakdown of interest versus principal paid. We will tell you how much interest and principal is being paid with each payment, so you can see the value of your rate. In addition, we'll include the "total interest," which is a valuable tool for those able to write this amount off for tax purposes.
If you can't access our website, you can also calculate payments over the phone. Simply call us at 1-866-745-5989 to speak to one of our licensed loan officers. He or she can plug in these numbers on a loan amortization calculator as well to determine your payment amount.