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This is a “must consider” option for all homeowners – especially:
  • First time buyers or families with plans to move up to another home as their needs expand.
  • Current homeowners looking to refinance with retirement or relocation coming in the near future.
The 15/15 ARM offers:
  • Stability: Fully amortized 30-year mortgage with a below market interest rate locked in for the loan's first 15 years (most other lenders only offer an initial same rate up to 7 years on their ARM options).
  • Security: The rate stays the same for the first 15 years of the loan, and then adjusts only once for the remaining term of the loan.
  • Availability: Loans up to $1,500,000 on primary residence and second homes.
  • Low Down Payment Options: 5% down on loans up to $679,650 or 10% down on loans up to $850,000.

Payment example for a $500,000 loan*

Term Rate*
(subject to adjustment)
Annual Percentage Rate*
Monthly Payment*
(subject to adjustment)
Year 1-15 4.250% 4.401% $2,459.70
Year 16-30 4.750% $2,543.25
Here is one example of potential savings on a $500,000 loan with a 15/15 ARM vs a 30-Year Fixed Mortgage (in the 1st 15 years).*

30 Year fixed (Year 1-15) 15/15 ARM (Year 1-15)
Initial Loan Amount $500,000 $500,000
Rate* 4.875% 4.250%
Annual Percentage Rate* 4.936% 4.401%
Monthly Payment $2,646.04 $2,459.70
Total Payments (Year 1-15) $476,287.20 $442,746.00
Mortgage balance after Year 15 $337,377.42 $326,966.43

15/15 ARM Total Savings:

Using the example above, the homeowner with the 15/15 ARM:

  • Saved $33,541.20 in total payments in years 1-15
  • Lowered their mortgage balance by $10,410.99 at the end of year 15
* Payments shown are for principal and interest only and do not include escrows payments for taxes or insurance; actual payments may be greater. Additional payments to escrows for taxes and insurance should be expected. Rates and offers are in effect as of September 19, 2018, for new applications only and subject to change without notice. Example based on $500,000 loan with =<80% LTV. Other restrictions apply. Rate is variable and can increase one time in year 16 of the loan and by no more than 6 percentage points at the time of adjustment, (10.25% for this example). The adjusted payment shown for years 16-30 is based on the current index, as of September 19, 2018, plus margin (fully indexed rate). The actual index rate at the time of adjustment may be higher.

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Is the 15/15 ARM right for you?  Call 855.203.4747 to speak to an NIHFCU mortgage specialist today.
Check out our 5/5 adjustable rate mortgage. Click here for further information.