Mortgage Comparison Chart

Choose Which Mortgage Suits You Best

At Chevy Chase Bank, we want to make it easier to find the mortgage that’s right for you. Our Mortgage Comparison Chart lets you see which mortgage best suits your financial needs.

Find the loan that is right for you with our quick and easy product comparison.

Loan TypeRight For You IfDescription
Fixed Rate
  • You want to lock in a rate that will remain the same over the entire life of the loan
  • You want stable monthly payments
  • You plan to stay in your home for many years
  • You expect interest rates to rise
  • Interest rates stay the same for the life of your loan
  • Keeps home loan payments predictable over a long period of time
  • 10, 15, 20, 25, 30 or 40 year terms1
Adjustable Rate
  • You want to start with a low payment
  • You want to qualify for maximum financing
  • You plan to move or refinance again in a few years
  • You believe interest rates will probably stay the same or go down
  • Lower initial fixed rate and payment that is followed by an interest rate and payment that periodically adjusts based on the current interest rate market
  • Allows you to take advantage of lower rates and payments in falling interest rate environments
  • Adjustment periods vary depending on which product you choose (3, 5, 7, and 10 years)2
Interest Only3
  • You want lower initial monthly payments
  • You will be earning a higher income in a few years
  • You plan to refinance or sell your home in a few years
  • You work in a profession with fluctuating income (self-employed, commissioned or on a bonus schedule)
  • Lower monthly payments consisting only of interest during the initial set period of time, then full principal and interest payments begin for the rest of the loan term3
  • More flexibility with your monthly cash flow
  • Available as a fixed or adjustable rate
Jumbo Loans
  • You want to buy a more expensive home
  • You seek to borrow more than $417,000
  • Available as a fixed or adjustable rate
  • Large loan amounts available
  • Potentially greater tax benefit (please consult a tax advisor)
FHA/VA Loans
  • You need low down payment options
  • You need more flexible lending guidelines to qualify
  • You are an eligible veteran
  • You are a first-time homebuyer
  • Lower down payment requirements
  • Easier loan qualifications
  • Great for first-time homebuyers
  • Available as a fixed or adjustable rate
7/23 Balloon
  • You want a lower introductory rate and payment while still having the predictability of an initial fixed monthly payment
  • You plan to stay in your home for a limited time
  • You want a lower fixed payment to match the number of years you will be in the property, without paying a higher rate typically associated with a fixed-rate mortgage
  • Lower initial interest rate compared to a fixed-rate mortgage
  • Fixed rate for the first seven years (at the end of this term, you can pay the remaining balance or refinance to a 23-year fixed-rate mortgage)4

Other loan options are available. Click here to apply online.

Since interest rates and payments can increase, homebuyers considering an adjustable rate or interest-only mortgage should be prepared financially for a possible increase in rate and/or payments.
1 For example, a 30-year fixed-rate loan for $300,000 with a 6.50% interest rate (6.634% APR) would require 360 monthly principal and interest payments of $1,896.20. Taxes and insurance escrows are not included. Other rates and terms are available. The terms used in this example are for illustrative purposes only, and the actual terms you receive may be different depending on your individual circumstances. Loans with longer terms may increase the total number of monthly debt payments, as well as the aggregate amount paid over the mortgage term, as compared to loans with shorter terms.
2 For example, on a 5/1 LIBOR Adjustable Rate Mortgage, the interest rate and payment are fixed for the first five years of the loan. The interest rate and payment may adjust every 12 months thereafter and may not increase or decrease more than 2.0% at each 12-month adjustment. The interest rate cannot increase more than 5.0% over the term of the loan. For example, A 5/1 LIBOR ARM for $300,000 with a 30-year term and an initial interest rate of 6.00% (6.035% APR), repayment will consist of 60 monthly payments of $1,798.65. If the interest rate were to increase by the maximum 5.0 percentage points to 11.035% APR, then the monthly payment would increase from $1,798.65 to a maximum of $2,500.25 in the fifth year. Other rates and terms are available. The terms used in this example are for illustrative purposes only, and the actual terms you receive may be different depending on your individual circumstances.
3 For example, a 30-year interest-only fixed-rate mortgage at an interest rate of 6.625% (6.78% APR) for $300,000 would require initial monthly interest payments of $1,656.25 each. During this time, your principal balance will not decrease unless you make principal payments in addition to the required monthly interest payments. Beginning with the 11th year of the mortgage, your required monthly payments will adjust to cover the remaining interest and principal balance to fully repay the loan over the remaining term. In the example above, a recalculated principal and interest payment based on the principal balance of $300,000 would be $2,258.85. Monthly escrows for taxes and applicable insurances are required in addition to the monthly interest-only and principal and interest payments. Other Interest-Only product options available. Restrictions apply. The terms used in this example are for illustrative purposes only, and the actual terms you receive may be different depending on your individual circumstances.
4 For example, a 7/23 balloon for $300,000 with a 6.375% interest rate would require 84 monthly principal and interest payments of $1,871.61. Taxes and insurance escrows are not included. After seven years (84 payments) the outstanding balance is due to the lender or must be refinanced to a market level fixed-rate mortgage. Specific requirements must be met to qualify for a refinance and not all borrowers will meet those requirements. The terms used in this example are for illustrative purposes only, and the actual terms you receive may be different depending on your individual circumstances.

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