What is an Interest Only Mortgage?

Interest-only payments do not contain principal. Many of the interest-only mortgages available today feature an option for interest-only payments. Here is an example:

    * $200,000 loan, bearing interest at 6.5%. Amortized payments for a 30-year loan would be $1,254 per month, containing principal and interest.

    * An interest only payment is $1,083.

    * The difference between a P&I payment and an interest payment is a savings of $170 per month.
This article "What is an Interest Only Mortgage?" will be helpful to who are looking for "" related home loan informations.
What is an Interest Only Mortgage?
Interest-only payments do...

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