interest only deed of trust

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Icon Mini Profile bret




Joined: 05 Jul 2008

Posts: 12

4.18 Dollars($)
PostPosted: 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?
Icon Mini Profile adonis
adonis



Joined: 22 Oct 2005



Posts: 3852
Location: ALASKA
120.89 Dollars($)
PostPosted: 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.
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