How to Calculate Payment for an ARM

An ARM, or adjustable rate mortgage, refers to a home loan that has an interest rate that changes periodically. The time between interest rate changes depends on the terms of the loan, but many ARMs reset the interest rate annually. You can only calculate the payment for your ARM at the current rate and each time the rate changes you have to calculate the new monthly payment. Figuring the monthly payment requires you to know your mortgage balance, interest rate and number of payments per year.

Instructions

Divide the annual interest rate by 12 to find the monthly interest rate. For example, if the annual interest rate equals 7.92 percent, divide 0.0792 by 12 to find the monthly rate on your ARM equals 0.0066.

Add 1 to the monthly ARM interest rate. In this example, add 1 to 0.0066 to get 1.0066.

Raise the result to the opposite of the number of payments remaining on your adjustable rate mortgage. In this example, if you have 240 payments remaining on your ARM, raise 1.0066 to the -240th power to get 0.206223306.

Subtract the result from 1. In this example, take away 0.206223306 from 1 to get 0.793776694.

Divide the ARM monthly interest rate by the result. In this example, divide 0.0066 by 0.793776694 to get 0.008314681.

Multiply the result by the balance of your ARM to find the monthly payment. In this example, if you still owe $221,000, multiply 0.008314681 by $221,000 to find your monthly payment equals $1,837.54.

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