Payment Option ARM Calculator
| |
30 Yr Monthly Payment |
Minimum Payment2 |
Monthly Savings3 |
| $0.00 |
$0.00 |
$0.00 |
| $0.00 |
$0.00 |
$0.00 |
| $0.00 |
$0.00 |
$0.00 |
| $0.00 |
$0.00 |
$0.00 |
| $0.00 |
$0.00 |
$0.00 |
|
| 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.
First Choice Mortgage, LLC - 30891 LA Hwy 16 (1 mile N of DS High School) - Denham Springs, LA 70726
Toll Free: (877) 896-8882 Phone: (225) 665-4399 Fax: (225) 665-4599
E-mail: loaninfo@bellsouth.net Apply Online 24/7 @: www.fcmla.com
Licensed Louisiana Residential Mortgage Lender
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