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How can I get an amortization from lender for a modified HAMP loan?

GMAC modified my 5.375% fixed loan and gave me a break for 5 years. The HAMP gave me an interest rate of 3.5% for 5 years (2010 - 2015), then it changes to 4.5% for 1 year (2015) and then 5.0% for the life of the loan (2016 - 2035).  I ask them for an amortization but they said they cannot give me that due to the various levels of interest rates.  They also gave me $1,000 towards principal reduction, for 5 years, every January, they deduct $1K from the principal. My orig. 5.375% will be down to 5.0%, basically a 0.375% break........... but I think there is something not right.  I try to do my own spreadsheet and calculate amortization, and the total paid seems to be way way too high.  Where can I get an amortization done, taking the $5K reduction into account and the various levels of interest rates?
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August 24 2013 - Concord
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Answers (3)

For the first 5 years. You need to start with the base loan amount and amortize at 3.5% on a 25 year schedule (2035 - 2010 = 25 year amortization schedule); depending on what date they give you the $1,000 and when you start the amortization on this first period, if your amortization starts on January 1st, amortize a loan amount less $1,000, or if it's mid year, take the amortized balance at that time, subtract $1,000 and continue to amortize for this first period. Every year you'd need to amortize, subtract the $1,000 from January 1st and re-amortize the balance of the first period (years 1-5) 

Next, take the balance on year 5 and amortize that balance at 4.5% for 1 year.

Then take the balance after year 6, and amortize at 5% for the life of the loan.

You can use bankrate.com or google amortization calculator. You'll have to calculate and manually add for all the adjustments.

Hope this helps.

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April 28
 [spam deleted by Zillow moderator]
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September 14 2013
You will need to calculate for each year. Too many variables for a amortization schedule.
  Check the math on the 2010-2012 YTD mortgage statements.
  It does sound like you got a good deal though.
Best to you.
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September 09 2013
 
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