This feedback has been wonderful. No, the mortgage does not balloon, and the interest rate is fixed for life of the loan.
Do you all recommend that we refinance to a traditional mortgage even if we could up the principal each month on this interest only loan?I checked out an ammortization table and plugged us in at 15 years, fixed, same 6.5% and it says $1480.00 monthly for the 15 years to pay off the balance. So, if I did that and just kept the interest only but put the $480 toward principal each month, would it work out about the same? I hope what I am asking makes sense. We are 2.5 years into this mortgage, if that info matters.
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