How can I figure out how much my monthly loan amount is going to be, if the interest rate adjusts to the max?

Question

We have a 5 year fixed at 5.25% on the first and 8% fixed on the second. Our first loan amount is $358, 400 and the second is $100,000.

The 1st will adjust in March 2010. The Margin is 2.250. The Periodic Rate Cap is 2.000 and the Lifetime Rate Cap is 6.000.

How can I figure out how much my monthly loan amount is going to be, assuming the interest rate adjusts to the max? And how often will it adjust?

We are not so worried about the second, since it is fixed for 10 years.

Thanks

Answer 1

Find any on-line loan calculator and enter the information. Then change the interest rate and see what happens.