The reason this is showing this P&I payment is that your adjustment schedule is relative to the start date (not today's date), so by specifying a 2% jump at month 24, you are actually telling MortgageCoach that this has already adjusted 24 months from the start date (2008). This means that the system data entry thinks the loan rate is actually 6.07%. In this case, the loan is already 7 years in, so make sure your first adjustment month is at least month 108. That would be 9 years from the start date and 2 years from today.
The borrower has a 2nd that is currently still interest only, but adjustable. The MortgageCoach application is reflecting a P&I payment for the 2nd and this distorts the actual situation. How do I fix it?
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