Interest Only Loan
This type of loan program is for those who would like to significantly lower their mortgage payments by allowing you to pay only the interest on the loan. It can be an ARM loan thats fixed for a short number of years or you can get a 30 year fixed interest only loan.
Interest Only 30yr Fixed vs. a conventional 30yr Fixed:
Loan Amount: $1M
Interest Rate: 7%
Interest only payment: $5,833.33
30 Fixed Payment: $6,653.02
Monthly Payment Savings: 870.23
Annual Savings: $9,836.28
5-Year Savings: $49,181.40
Additional Highrise Mortgage Programs:
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