Payment Option Arm Calculator

Payment Option ARM Calculator

Loan Amount:	$
Start Rate¹:		%

Current Index:		%
Margin:		%

	30 Yr Monthly Payment	Minimum Payment²	Monthly Savings³
Year 1	$0.00	$0.00	$0.00
Year 2	$0.00	$0.00	$0.00
Year 3	$0.00	$0.00	$0.00
Year 4	$0.00	$0.00	$0.00
Year 5	$0.00	$0.00	$0.00

Other Payment Options
Interest Only Payment:	$2,134.17
40 Year Payment:	$0.00
15 Year Payment:	$0.00

Effective Interest Rate⁴ (Index + Margin): 5.122%

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 The 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.

Classic Home Mortgage, Inc. NMLS ID# 182005 - 330 Harrison Bridge Road Suite C - Simpsonville, SC 29680
Office: (864) 962-9121 Fax: (864) 962-6872 Toll Free: (877) 962-9121

Call or apply online today! If you prefer we contact you, just click on the e-mail address below and send us the phone number and best time to call you. Classic Home Mortgage proudly serves the states of South Carolina and Florida.

joe@chmsc.net

NAMB - National Association of Mortgage Brokers