Something I'm sure most of you already know...
When interest only period expires your repayments jump significantly.
eg $200K 25yr term @6%:
I/O for 5 yrs - monthly payment: $1,000
After 5yrs P&I monthly payment: $1,432
Just had 4 loans do this.
Back to drinking cheap wine I guess!
When interest only period expires your repayments jump significantly.
eg $200K 25yr term @6%:
I/O for 5 yrs - monthly payment: $1,000
After 5yrs P&I monthly payment: $1,432
Just had 4 loans do this.
Back to drinking cheap wine I guess!
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