This was informative. I was a single parent and purchased a $300000 home for me and my 2 kids. It’s interest only. My payment originally was $1800, and over time increased to $2600. I have been paying for 18yrs on a 30 year mortgage. I didn’t qualify to refi, but we are fine. Of course my kids are grown, but interest only worked for me. The biggest thing is to refi early on if possible.
@BlakeWheelersBurnerAccount13 күн бұрын
You are have been living in the present too much. You have been paying INTEREST ONLY for years aka money that disappears while you put nothing on the principal. You have been getting robbed. It’s crazy, it’s literally in the name and people still sign up for it.
@SunniSide1 Жыл бұрын
Thank you! This was really helpful!
@Scooterp822 ай бұрын
very informative!
@Jaystonishing10 ай бұрын
😂 never do this type of loan.. never!
@Juicedapipsqueak103 ай бұрын
If you’re poor yeah
@BlakeWheelersBurnerAccount13 күн бұрын
@@Juicedapipsqueak10no one ever should. Imagine willfully signing up for an interest only payment while the principal still must be paid.
@Juicedapipsqueak103 ай бұрын
What if I use the tax write off towards principle?
@yash.rockinstar Жыл бұрын
Informative😊
@LowerMyBills Жыл бұрын
Thanks 🙂
@saulferreyra45594 ай бұрын
@lowerMyBills Are there any limitations on refinancing this loan? Or can it be refinanced at any time through the loan period?
@nwalker2619Ай бұрын
I think you can refi after the prepayment penalty period end.
@danb3980 Жыл бұрын
How did you calculate the payment (P&I) after the 10 years? And how’d u calculate the original interest only payment?
@LowerMyBills Жыл бұрын
Thanks for your question! For a better breakdown, including several examples, check out the article in our Learning Center: www.lowermybills.com/learn/buying-a-home/interest-only-mortgages-how-do-they-work/ - Thanks!!
@siyinglyu81257 ай бұрын
I have a question. If the price of the property goes up, and I sell it, would I still get the capital gain? I am confused since you mention the equity is not increasing.
@nwalker2619Ай бұрын
If the home appreciates you should get the difference still
@billie-jodowling45259 ай бұрын
Hey bro, is that intrest you get, taxed?
@christineabercrombie7316 Жыл бұрын
I don’t have an interest only mortgage. I’m pissed mine went up at all and I think it’s bullshit and I’ll find out.
@danb3980 Жыл бұрын
Only reason this happened is due to your assessment. Property/school taxes prob went up (assuming you escrow)