Using Pay Option ARM Calculator ~ FlexPayŽ 3/1, 5/1, 7/1 Hybrid LIBOR ARMs
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Types of Mortgage Loans: Option ARM: Pay Option ARM Calculator: Examples: FlexPayŽ 3/1, 5/1, 7/1 Hybrid LIBOR ARMs
Below you will find an example of how to input FlexPayŽ 3/1, 5/1, 7/1 LIBOR option ARM loans.
| Indymac Bank's Pay Option ARMs: | |||
| FlexPayŽ 3/1 LIBOR ARM | FlexPayŽ 5/1 LIBOR ARM | FlexPayŽ 7/1 LIBOR ARM | |
| Adjustment Period: | 1 Year | 1 Year | 1 Year |
| Minimum Payment Calculation Method: | # 2 | # 2 | # 2 |
| Minimum Payment Change Cap: | None | None | None |
| Initial Fixed Rate Period: | 3 Years | 5 Years | 7 Years |
| Initial Fixed Payment Period: | 3 Years | 5 Years | 7 Years |
| After that, the Min Payment changes: | Never | Never | Never |
| Index: | 1-Year LIBOR | 1-Year LIBOR | 1-Year LIBOR |
| Margin: | Refer to Rate Sheet | Refer to Rate Sheet | Refer to Rate Sheet |
| Interest Rate Rounding: | to the Nearest 0.125 | to the Nearest 0.125 | to the Nearest 0.125 |
| Initial Loan Recast: | When the 121st Pmt is Due | When the 121st Pmt is Due | When the 121st Pmt is Due |
| Subsequent Recasts: | None | None | None |
| Neg-Am Recast: Payment Required: | Interest Only | Interest Only | Interest Only |
| Payment Options Period: | 10 Years | 10 Years | 10 Years |
| Lifetime Cap: | Start Rate + 6% | Start Rate + 5% | Start Rate + 5% |
| Negative Amortization Cap: | 110% | 110% | 110% |
| First Interest Change Cap: | Start Rate + 2% | Start Rate + 5% | Start Rate + 5% |
| Periodic Interest Change Cap: | 2% | 2% | 2% |
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