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Using Pay Option ARM Calculator ~ OptPay ARMs

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Types of Mortgage Loans: Option ARM: Pay Option ARM Calculator: Examples: OptPay ARMs

Below you will find an example of how to input OptPay option ARM loans.

  GreenPoint Mortgage OptPay ARMs:
1 Month Treasury ARM 1 Month/3Yr Treasury ARM 1 Month/5Yr LIBOR ARM
Adjustment Period: 1 Month 1 Month 1 Month
Minimum Payment Calculation Method: # 1 # 1 # 1
Minimum Payment Change Cap: 7.5% (Increase) 7.5% (Increase) 7.5% (Increase)
Initial Fixed Rate Period: 1 Month 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 1-Month LIBOR
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% to 12% 9.95% to 12% 9.95% to 12%
Negative Amortization Cap: 110% 110% 110%
First Interest Change Cap: None None None
Periodic Interest Change Cap: None None None

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OptPay is a trademark of GreenPoint Mortgage Funding, Inc. (GPMF) and/or its subsidiaries.
Mortgage-X is not sponsored by, endorsed by or affiliated with GreenPoint Mortgage.


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