I have an interest only mortgage. The first ten years are interest. I know that the payments will increase after the initial 10 years but if I pay a few hundred dollars a month for the first 10 years and bring my balance lower by $25000. will I still have an increase in my payments. I would love to see an amortization schedule of my situation but cannot find what I am looking for. My goal is to pay extra during the first 10 years so that I can keep my payments consistant for the 30 year term. Any help?
2007-03-21 04:02:29 · 2 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Talk to a loan officer at your bank for the details.
2007-03-21 04:06:44 · answer #1 · answered by biscuitperifrank 5 · 0⤊ 0⤋
Seems simple enough, but if you want consistent payments for 30 years, you should've just taken a fully amortizing 30 year loan. Most online calculators will let you input your current balance, current remaining term, and run an amortization schedule.
Or, reduce your current balance by your expected $25,000, and plug in 20 years for your remaining term,and see what the payments are.
2007-03-21 06:01:36 · answer #2 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋