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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