Low on cash but trying to purchase a property? Well, this type of loan can help you to pay less for a few years, but be aware of your principal - it will remain the same these years.
Input
Financial Analysis
|
|
Standard
|
With Interest-Only
|
|
Interest-Only Payment
|
-
|
$1,062.50
|
|
Monthly Payment
|
$1,247.74
|
$1,295.19
|
|
Payments During Interest-Only Period
|
$44,918.63
|
$38,250.00
|
|
Average Period Payments
|
$1,247.74
|
$1,155.58
|
|
Total Monthly Payment
|
$74,864.39
|
$69,334.64
|
|
Total Interest Paid
|
$61,814.88
|
$63,395.14
|
|
Interest Savings
|
$1,580.27
|
$0.00
|
|
Balance at Sale
|
$186,950.49
|
$194,060.50
|
|