The Federal Reserve Board is offering an
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The calculator can compare six types of fixed-rate and adjustable-rate mortgages. It also includes the costs of private mortgage insurance and interest rate fluctuations.
"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 might be three, five, seven, or 10 years down the road with different mortgage products," Fed Gov. Randall Kroszner said Tuesday in a press release. "These comparisons should encourage more consumers to shop around and compare mortgage offers."
