30 Year Fixed Interest Only Mortgage Programs
Are you looking to keep your monthly mortgage payment
to a minimum without giving up the security of a long
term fixed rate product? If this sounds like your
ideal scenario, then a interest only 30 year loan
might be the right product for you. 30 year interest
only mortgages typically come with a ten year (often
referred to as a 30/10 year interest only loan) or
fifteen year fixed (30/15) interest only period. After
the 10-15 interest only period expires, the loan is
then re-amortized so that the payment includes both
principal and interest being paid for the remaining
term of the loan. The rate does not change after the
interest only term which makes the products less volatile
than adjustable rate mortgage products. Give us a
call today at 877-RATE-LOW (877-728-3569) for more
information.
Request 30 year interest only loan information:
How much could I save with a 30 year fixed interest
only mortgage vs. a traditional fixed rate mortgage
(P&I)? Let’s take look at one example:
Traditional 30 year fixed rate mortgage
Rate: 6.375%
Loan Size: $200,000
Monthly principal and interest payment: $1,247.74
Interest only loan 30 years
Rate: 6.500%
Loan Size: $200,000
Monthly interest only payment for first 10-15 years:
$1,083.33
With the interest only option, you would save $164.41
per month. That would translate to a total savings
of $19,729.00 over the first ten years of the loan.
However, you would still owe the full $200,000 loan
balance unless you made additional principal payments
from time to time. The beauty of these loans is that
you can do just that. The months where you can make
extra payments you can choose to do so and the months
were you prefer to spend money elsewhere, you can
go that route as well. The choice is yours to make.
Is a 30 Year Mortgage Interest Only Right For
You?
Interest only loans are ideal for those who anticipate
future earnings growth and for those for like flexibility
in managing their personal finances. We encourage
you to speak with a mortgage professional to discuss
the benefits and pitfalls of these products to ensure
that you are making a well educated decision. Feel
free to give us a call at 877-RATE-LOW (877-728-3569)
for answers to your home financing questions.
Other Interest Only Loan Options:
3
year interest only loan
5
year interest only mortgage loan
10
year and 7 year interest only mortgages
