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Using Pay Option ARM Calculator ~ 1-Month MTA or 1-Month COFI ARMs

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Types of Mortgage Loans: Option ARM: Pay Option ARM Calculator: Examples: 1-Month MTA or 1-Month COFI ARM

Below you will find an example of how to input 1-Month MTA or 1-Month COFI option ARM loans.

  Downey Savings' Option ARMs:
1-Month MTA Option ARM 1-Month COFI Option ARM 5 Yr Fixed Rate/Fixed Payment
Adjustment Period: 1 Month 1 Month 1 Year
Minimum Payment Calculation Method: # 1 # 1 # 3
Minimum Payment Change Cap: 7.5% Increase or Decrease 7.5% Increase or Decrease 7.5% Increase or Decrease
Initial Fixed Rate Period: 1 Month 1 Month 5 Years
Initial Fixed Payment Period: 1 Year 1 Year 5 Years
After that, the Min Payment changes: Every Year Every Year Every Year
Index: MTA COFI MTA
Margin: 2.400 to 3.225 2.500 to 3.500 3.100
Interest Rate Rounding: to the Nearest 0.001 to the Nearest 0.001 to the Nearest 0.001
Initial Loan Recast: When the 61st Pmt is Due When the 61st Pmt is Due When the 61st Pmt is Due
Subsequent Recasts: Every 5 Years Every 5 Years Every 5 Years
Neg-Am Recast: Payment Required: Fully Amortizing Fully Amortizing Fully Amortizing
Payment Options Period: = Loan Term = Loan Term = Loan Term
Lifetime Cap: 10.95% 11.95% 12% to 12.875%
Negative Amortization Cap: 110% 110% 110%
First Interest Change Cap: None None None
Periodic Interest Change Cap: None None None

Mortgage-X is not sponsored by, endorsed by or affiliated with Downey Savings.

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