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Home » Calyx Point » Miscellaneous » TIL Calculation for ARM


TIL Calculation for ARMExpand / Collapse
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jps_mtg
Posted 2/3/2010 5:17:50 PM
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My payment schedule and APR do not seem to be calculating correctly.  My start rate is 3.5% on a 5/1 ARM.  I have all of the info entered correctly as far as I can tell but my payment schedule appears as follows and my APR is only 3.508%.

#Pmt                        Interest Rate

60                                 3.5%

299                               3.125%

1                                  3.125%

It just doesn't seem right.  Any ideas?

Post #10603
BillV
Posted 2/8/2010 11:17:44 PM
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APR is drivin by those costs on your initial fees worksheet and the 'Rate Adjustments' section ot the Truth in Lending statement. Check to see what margin and index you have in this section as well as the other numbers.  It appears from your numbers that you are probably correct.  Your index plus the margin are probably just a little bit less than your start rate, which is occuring now that index rates are so low.

hth

Bill V.

Thanks

Bill V.

Post #10649
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