Fixed rate mortgages offer a stable interest rate and predictable monthly payment for the life of the loan. Interest-only loans are very different, often featuring an interest rate that will adjust in the future, as well as requiring the eventual repayment of the principal. Sharply higher payments in future periods can result.
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Fixed Rate Mortgage vs. Interest Only Mortgage
Use this calculator to compare the payments on a fixed rate mortgage with an interest-only mortgage.
