Interest only
A loan where payments cover only the interest for a period. The balance does not fall.
When the period ends the balance must be repaid, and payments rise sharply.
See it in action with the Interest Only Mortgage Calculator.
A loan where payments cover only the interest for a period. The balance does not fall.
When the period ends the balance must be repaid, and payments rise sharply.
See it in action with the Interest Only Mortgage Calculator.