Sample Scenario
Your starting monthly payment is $916.67.
Your interest only adjustable rate loan of $200,000.00 has a starting payment of $916.67.
Your interest rate remains fixed at 5.500% for 84 months, after that time your interest rate is expected to change by 0.25% every 12 months.
After 23 years, your loan payments will increase to fully pay off your loan over the remaining term of 7 years. Your highest monthly payment, in this scenario, would be $1,699.14.
|
Mortgage Summary
| Interest Only Mortgage Summary |
| Mortgage amount |
$200,000.00 |
| Term |
30 years Interest only payments at a fixed rate for 7 years. After 7 years, the loan is recast to fully amortize the outstanding balance over the remaining 23 year term of the loan.
|
| Starting Interest rate |
5.500% |
| Starting monthly payment |
916.67 |
| Total payments |
$503,541.42 |
| Total interest |
$305,240.53 |
|
7/1 ARM
