Adjustable rate mortgages (ARMs) typically offer homebuyers the advantage of a lower mortgage payment during the initial period of the loan. ARMs are generally offered on a 1, 3, 5, 7 or 10-year basis. Once the initial period expires, the mortgage rate will reset at then-current interest rate levels. Depending on the direction interest rates have taken, these resets can result in higher or lower monthly payments. This ARM analyzer helps you understand your loan terms by showing what your monthly payment will be under different scenarios.