An interest-only mortgage provides
flexibility to the borrower in the early years of the loan. Borrowers
can pay only interest, or can choose to repay some portion of the loan
balance as they see fit. However, after interest-only payments for a
period of years, the amount borrowed must be repaid over a shorter
period of time, producing a significant increase in payments.
Calculator:
Interest Only Mortgage Calculator
Use this calculator to look at the interest cost of the loan, as well as evaluate the impact of principal payment.
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