Using Pay Option ARM Calculator ~ Pick-a-Paymentsm ARM
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Types of Mortgage Loans: Option ARM: Pay Option ARM Calculator: Examples: Pick-a-Paymentsm ARM
Below you will find an example of how to input Pick-a-Paymentsm option ARM loans.
| World Savings' Option ARMs: | |
| Pick-a-Paymentsm ARM | |
| Adjustment Period: | 1 Month |
| Minimum Payment Calculation Method: | # 1 |
| Minimum Payment Change Cap: | 7.5% Increase or Decrease |
| Initial Fixed Rate Period: | 1 Month |
| Initial Fixed Payment Period: | 1 Year |
| After that, the Min Payment changes: | Every Year |
| Index: | COSI |
| 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: | 11.95% |
| Negative Amortization Cap: | 125% (110% in New York) |
| First Interest Change Cap: | None |
| Periodic Interest Change Cap: | None |
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Pick-a-Paymentsm is a service mark of World Savings.
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Mortgage professionals are welcome to participate! |  |
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