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Any formula to calculate the initial payment for a 5/1 arm?

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Any formula to calculate the initial payment for a 5/1 arm?

looking for the formula, not an online calculator.

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    Nicole
    Posted 3 months ago

    hey see http://www.moneyjobz.com
    for this.
    you’ll see the links specificly about this on the left and the right side so you dont have to go and search everywhere.
    Source(s):
    searched and visited personally.

      MadMan
      Posted 3 months ago

      No, you need a calculator. You assume that the mortgage is fixed for 30 years at the initial level of the ARM.

      If you really want a formula:

      Mortgage = sum of the (product of the per period payment x discount factor) for payments 1 to 360

      where the discount factor is calculated from the ARM interest rate.

      Therefore the per period payment is backed out of this.

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