During the initial period, the interest is 3% and it will not change until the second year and it can only be changed 5 times until it reached 7%. But for a 3% interest rate and an amount of $164,500, the monthly payment is
$164,500 (0.03)(1 + 0.03)^30 / ((1 + 0.03)^30 - 1) = $883.07
