Pay Down Your Loan, Lower Your Interest-Only Payment

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Did You Know Paying Down an Interest-Only Mortgage Could Lower Your Next Payment?

Here's a feature of interest-only financing that many borrowers may not realize.

With an eligible interest-only mortgage, additional principal payments can reduce the required monthly interest payment.

For example, on a $400,000 loan at 7.50%:

• Original interest-only payment: $2,500/month
• Make a $20,000 principal reduction
• New interest-only payment: $2,375/month

That's $125 less per month, assuming the same interest rate!

Depending on the loan's servicing terms, the reduction may be reflected as soon as the following month.

For self-employed borrowers with fluctuating income, this flexibility may be particularly valuable.

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Curious whether an interest-only mortgage might work for you? Let's compare the options.

Rob Clark | Home Loan Consultant
Firestone Financial Group
Phone: 209-227-7745 | 559-476-9279
Email: rbrtclark53@gmail.com
Website: www.RobertClarkLoans.com

NMLS #357788 | Company NMLS #301522
CA DRE #01148307 | Equal Housing Lender

Illustrative example only. Assumes a constant interest rate and a full month of interest on the reduced balance. Actual payment adjustments depend on loan terms and servicing. Programs subject to qualification and approval.