What are my three payment options on a choice loan?
• Option one is the minimum required principal and interest payment amount you can make. • Option two is an interest only payment. This option can only be made if it is greater than option one. • Option three is a fully amortizing principal and interest payment. This option is only available if it is greater than option one and two. There may be times when all three options are not available. If option one is more than an interest-only payment, you may have only options one and three. If option one is equal to or greater than a fully amortizing principal and interest payment, you will only have option one available. back to top Why is my interest rate going down, but my principal and interest payment is going up? This is a common occurrence with Choice loans. It will be the case if the payment cap limited the previous principal and interest payment. Also, since the interest rate is changing monthly, the previous interest rate is not indicative of the interest rate used to calculate the
