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Mortgage Calculators

CashFlow ARM

With this adjustable rate mortgage, you have up to four different payment options every month. You choose your payment type based on your cash-flow needs and your financial goals. Your monthly payment options include: the minimum payment (available during the first five years of the loan - on 1/5/05 it was 1.75%); the interest-only payment; the fully amortized payment; and the 15-year payment. The rate of this mortgage adjusts monthly according to the LIBOR index.

When to choose this type of loan:
· If you want flexible monthly payments
· If you want lower monthly payments

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IMPORTANT ADJUSTABLE RATE MORTGAGE (ARM) OPTION LOAN PROGRAM DETAILS:

 The interest rate adjusts monthly and is based on the index chosen by Borrower, plus a margin. The minimum payment adjusts annually and is subject to a 7.5% payment cap per year. Every five years, or any time negative amortization reaches 115%(110%  for CashFlow ARM loan program), the minimum payment is recalculated over the remaining term of the loan based on the original 30-year term and the 7.5% payment cap does not apply. Assuming a 30-year loan amount of $225,000 an 80% loan to value and a one month effective rate of 1.00%, 7.20% APR, the initial minimum payment would be $723.69, subsequent payments will vary up to a maximum (30-year amortized) payment not to exceed $2,135.99. Lifetime maximum interest rate is 9.95% for the Freedom Loan and 19.90% for the CashFlow ARM. ARM rates subject to increase during loan term. Loan may be repaid in up to 360 monthly payments.

Interest is accrued at a fully amortized rate (the "fully indexed rate") that is a higher rate than the "payment rate."  The fully indexed rate is the rate on which the payment rate is calculated.  Except for the first month, the payment rate (which results in the "minimum required payment" or "minimum payment") is not the rate at which interest is accrued.   You are responsible for all interest accrued.

CashFlow 5 year Payment Option: The minimum payment will adjust at the 61st month, and then annually, unless the negative amortization ceiling is reached.

Freedom Loan Payment Option: The minimum payment will adjust at the 13th month, and then annually, unless the negative amortization ceiling is reached.