Loan

Hi there, can someone explain how mortgages work in terms of paying off the original outlay?

i dont understand the difference between interest only and repayment. i understand the obvious difference (ones only interest etc etc). but ive been quoted 850 repayment and 600 interest only. well the difference between the two, 250 over 25 years, is only 75k so how does that pay off the original 130k mortgage amount?

any help much appreciated

If you get an interest only loan you are only paying interest and nothing to the principal. So if you get a 30 year loan and the first 10 years is interest only, at the end of the first 10 years you still owe the full amount of your mortgage ($130K) and you’re payments will increase substantially because now you have to pay off the full mortgage in 20 years instead of 30.

With a normal fixed rate mortgage, part of your payment goes to principal and part goes to interest. In the beginning almost the whole payment is going to interest and then over time more and more is going towards the principal. Fixed rate means the interest rate won’t change during the course of the loan.

As a side note, I wouldn’t do an interest only loan, especially with prices falling. If you get an interest only mortgage for $130K and pay interest only for the first 10 years and the value of the home goes down to $120k during that time, you’ll owe much more than the house is worth.

I hope this helps.

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