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How do interest-only loans work?

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Anonymous

11y ago
Updated: 9/17/2019

An interest only loan is one of the options for people looking for a mortgage to buy their own home. This type of loan means the borrower usually pays a lower monthly amount and it's useful for someone that might have a variable monthly income. The principal, or amount initially borrowed still has to be paid back at the end of the loan period however. Interest is paid as an agreed percentage of the principal (the amount borrowed).

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Wiki User

11y ago

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