When borrowers ask about 5-year fixed-rate mortgages, they might actually be talking about a 5/1 ARM. This mortgage has a fixed rate for the first five years of the 30-year mortgage. After that initial fixed-rate period is up, the interest rate can adjust once each year for the remaining life of the loan.
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Is a 5-year mortgage right for you? If you are really intent on paying off your mortgage quickly, rather than choosing a five-year loan, you might consider taking a 15-year fixed-rate loan and paying it as if it were a 5-year fixed-rate mortgage. For example, say you are considering a $250,000 mortgage.
The loan amount and interest rate are the key terms of 5-year mortgage to calculate the necessary repayment details. 5-year mortgage is a home loan that will enable you to purchase a house and expect to have repaid in five years. Five year mortgages can be the solution for some people wanting to buy a home.
Cons of 5 year fixed mortgage rates monthly payments. monthly payments with a five year mortgage are larger than for the same loan amount spread out over a longer period of time. If you had a loan for $100,000 at 5 percent, each monthly payment would be about $1887.12.
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A 5/1 adjustable-rate mortgage (ARM), is a hybrid mortgage, just like 7/1 ARMs and 3/1 ARMs. A hybrid mortgage combines some of the features of fixed-rate and adjustable-rate mortgages. One of the advantages to this kind of mortgage is that the initial interest rate is generally lower with a 5/1 ARM than a standard fixed-rate mortgage.