Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What is an interest-only 15/15 fixed-rate loan?

April 26, 2017fixed-rate interest-only loan

0

Posted

What is an interest-only 15/15 fixed-rate loan?

1 Answer

0

Posted

The interest-only 15/15 fixed-rate loan allows you to make interest-only payments for the first 15 years of your loan term. In the 16th year, your loan will become fully amortized and principal and interest payments will be required for the remainder of your loan term. Escrow payments will be included and required for the entire term.