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Using Pay Option ARM Calculator ~ 1 Month, Flex 3 and Flex 5 Option ARMs

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Types of Mortgage Loans: Option ARM: Pay Option ARM Calculator: Examples: 1 Month Option ARM, Flex 3 and Flex 5 Home Loans

Below you will find an example of how to input 1 Month, Flex 3 and Flex 5 option ARM loans.

  Washington Mututal Option ARMs:
1 Month Option ARM Flex 3 Home Loan Flex 5 Home Loan
Adjustment Period: 1 Month 1 Month 1 Month
Minimum Payment Calculation Method: # 1 # 1 # 1
Minimum Payment Change Cap: 7.5% Increase or Decrease 7.5% Increase or Decrease 7.5% Increase or Decrease
Initial Fixed Rate Period: 1, 3 or 6 Months 3 Years 5 Years
Initial Fixed Payment Period: 1 Year 3 Years 5 Years
After that, the Min Payment changes: Every Year Every Year Every Year
Index: MTA MTA MTA
Margin: Refer to Rate Sheet Refer to Rate Sheet Refer to Rate Sheet
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: 9.95% Refer to Rate Sheet Refer to Rate Sheet
Negative Amortization Cap: 110% 110% 110%
First Interest Change Cap: None None None
Periodic Interest Change Cap: None None None

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