The minimum payment option sets your monthly mortgage payment at the lowest amount possible for the first year. Each year that follows your payment changes and a payment cap limits how much it can increase from year to year. Deferred interest will be added to your principal balance.
INTEREST-ONLY PAYMENT
The interest-only payment option allows you to avoid deferred interest, when the minimum payment option does not cover the total monthly interest due. This results in your principal balance owing remaining the same.
30 YEAR FULLY AMORTIZED PAYMENT
The fully amortized payment covers both the principal and the interest amounts. This results in keeping your loan on schedule. With this payment option your loan will be paid off in exactly 30 years.
