Since you asked so nicely,

[jimklinge]

Since you asked so nicely, I’d be happy to answer that.

Here are the fully-amortized payments on a $500,000 mortgage:

$3,296.35 per month, at 6.91%

$3,990.78 per month, at 8.91%

A hefty $694.43 increase per month, but not double.

And you still have the MINIMUM payment as an option too.

The only thing that would cause an Option-ARM mortgage payment to double is a reset.

Jim the Realtor