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Using Pay Option ARM Calculator ~ PayOption ARM

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Types of Mortgage Loans: Option ARM: Pay Option ARM Calculator: Examples: PayOption ARM

PayOption ARMs are Countrywide's loan programs available with initial introductory periods of 1 or 3 months. Countrywide offers an enhancement to this ARM program that allows borrowers to select from one of three indexes: COFI, MTA or LIBOR (once selected, the index can not be changed).

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

  Countrywide's Option ARMs:
PayOption ARM
Adjustment Period: 1 Month
Minimum Payment Calculation Method: # 1
Minimum Payment Change Cap: 7.5% (Increase)
Initial Fixed Rate Period: 1 or 3 Months
Initial Fixed Payment Period: 1 Year
After that, the Min Payment changes: Every Year
Index: COFI, MTA or LIBOR
Margin: Refer to Rate Sheet
Interest Rate Rounding: to the Nearest 0.001
Initial Loan Recast: When the 121st Pmt is Due
Subsequent Recasts: Every 5 Years
Neg-Am Recast: Payment Required: Fully Amortizing
Payment Options Period: = Loan Term
Lifetime Cap: 9.95% to 11.95%
Negative Amortization Cap: 115% (110% in New York)
First Interest Change Cap: None
Periodic Interest Change Cap: None

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PayOption ARM is a service mark of Countrywide Financial Corporation and/or its subsidiaries.


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