Payment Option ARM Calculator
| |
30 Yr Monthly Payment |
Minimum Payment
2
|
Monthly Savings
3
|
|
Year 1
|
$
5443.06
|
$
3216.42
|
$
2226.64
|
|
Year 2
|
$
5443.06
|
$
3457.65
|
$
1985.41
|
|
Year 3
|
$
5443.06
|
$
3716.98
|
$
1726.08
|
|
Year 4
|
$
5443.06
|
$
3995.75
|
$
1447.31
|
|
Year 5
|
$
5443.06
|
$
4295.43
|
$
1147.63
|
|
Other Payment Options
|
| Interest Only Payment: |
$
4268.36
|
| 40 Year Payment: |
$
4903.08
|
| 15 Year Payment: |
$
7971.69
|
|
Effective Interest Rate
4
(Index + Margin):
|
%
|
Assumptions:
1
The low initial Minimum Monthly Payment is calculated based on the low initial start rate.
Rates are for calculation purposes only, please call your loan officer for rate quotes.
2
Paying the Minimum Monthly Payment will result in deferred interest, which will be added to
the principal balance and increase your loan amount. This is called negative amortization.
For the first 5 years the minimum payment will increase 7.5% over the previous year.
3
Monthly Savings is calculated using the current Index + Margin. Rate increases or decreases
are not computed. Monthly Savings compares the 30 Year Payment to the Minimum Payment.
4
the Effective Interest Rate is the rate the Lender charges each month. It is equal to the
Index Rate + Margin. The Index + Margin yield may change each month as the Index rate
changes.
