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Homebuyers considering different mortgage products can now use an online
mortgage calculator to compare the monthly payments and equity buildup of
different loan products, thanks to the Federal Reserve Board. "We have
created a tool that will allow consumers to look ahead to see how much equity
they will build and what their mortgage payments will be three, five, seven, or
10 years down the road with different mortgage products," Fed Governor Randall
Kroszner said.
The calculator can be used on 30-year and 15-year fixed-rate
mortgages, interest-only fixed-rate mortgages, adjustable-rate mortgages,
interest-only ARMs, and payment-option ARMs. "These comparisons should encourage
more consumers to shop around and compare mortgage offers," the Fed governor
said. The Mortgage Comparison Calculator is on the Fed's website at: https://www.federalreserve.gov
Federal Reserve Unveils Mortgage Calculator |
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