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interest only deed of trust

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bret Joined: 05 Jul 2008 Posts: 12 4.22 Dollars($)	Posted: Sat Mar 14, 2009 5:10 pm    Post subject: interest only deed of trust On a interst only mortgage if I pay into the principal a lump sum, does the original monthly payment stay the same? Is there a requirement on interest only mortgages that the entire bal be paid?
adonis Joined: 22 Oct 2005 Posts: 4754 Location: ALASKA 260.11 Dollars($)	Posted: Sat Mar 14, 2009 11:32 pm    Post subject: As far as I know, the interest only loans recast monthly. Thus, if the balance is paid down, the payment for the next month will be based off the lowered principal. However, I think you will have to pay the entire balance on the interest only loan. _________________ Procrastination is the enemy of your financial success

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