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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