TIL Calculation for ARM

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TIL Calculation for ARM

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jps_mtg

Posted 2/3/2010 5:17:50 PM

Forum Newbie

Group: Forum Members
Last Login: 7/23/2010 3:37:38 PM
Posts: 3, Visits: 30

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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Group: Forum Members
Last Login: Yesterday @ 5:15:56 PM
Posts: 50, Visits: 229

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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