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Using Pay Option ARM Calculator ~ FlexPayŽ 3/1, 5/1, 7/1 Hybrid LIBOR ARMs

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Types of Mortgage Loans: Option ARM: Pay Option ARM Calculator: Examples: FlexPayŽ 3/1, 5/1, 7/1 Hybrid LIBOR ARMs

Below you will find an example of how to input FlexPayŽ 3/1, 5/1, 7/1 LIBOR option ARM loans.

  Indymac Bank's Pay Option ARMs:
FlexPayŽ 3/1 LIBOR ARM FlexPayŽ 5/1 LIBOR ARM FlexPayŽ 7/1 LIBOR ARM
Adjustment Period: 1 Year 1 Year 1 Year
Minimum Payment Calculation Method: # 2 # 2 # 2
Minimum Payment Change Cap: None None None
Initial Fixed Rate Period: 3 Years 5 Years 7 Years
Initial Fixed Payment Period: 3 Years 5 Years 7 Years
After that, the Min Payment changes: Never Never Never
Index: 1-Year LIBOR 1-Year LIBOR 1-Year LIBOR
Margin: Refer to Rate Sheet Refer to Rate Sheet Refer to Rate Sheet
Interest Rate Rounding: to the Nearest 0.125 to the Nearest 0.125 to the Nearest 0.125
Initial Loan Recast: When the 121st Pmt is Due When the 121st Pmt is Due When the 121st Pmt is Due
Subsequent Recasts: None None None
Neg-Am Recast: Payment Required: Interest Only Interest Only Interest Only
Payment Options Period: 10 Years 10 Years 10 Years
Lifetime Cap: Start Rate + 6% Start Rate + 5% Start Rate + 5%
Negative Amortization Cap: 110% 110% 110%
First Interest Change Cap: Start Rate + 2% Start Rate + 5% Start Rate + 5%
Periodic Interest Change Cap: 2% 2% 2%

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FlexPayŽ is a registered trademark of IndyMac Bank, F.S.B (NYSE: NDE) and/or its subsidiaries.
Mortgage-X is not sponsored by, endorsed by or affiliated with IndyMac Bank.


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