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Fixed Rate Interest Only Mortgages
30 Year, 20 Year, 15 year

See also:
Interest Only 5/1 ARM
Interest Only Loans have Risks
Interest Only Mortgages Leverage...?


Interest Only Fixed Rate Mortgages

How they work.

They are usually fully amortizing fixed rate loans that may have a term of 10, 15, 20 or 30 years.

An Interest Only Fixed-rate Mortgage that is amortized over 30 years permits the borrower to pay interest only for the initial interest-only period of 10 or 15 years.

Following the initial interest-only period, the outstanding principal balance will be re-amortized over the remaining term of the loan. This will most likely cause the borrower's monthly payment to increase, since it will now include a payment of principal and interest. Interest Only Fixed-rate Mortgages will fully amortize by the end of a 30-year term.


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Lenders offer the following two Interest Only Fixed-rate Mortgage options:

  • 10/20 Interest Only Fixed-rate Mortgage - a 30-year fixed-rate mortgage with a 10-year initial interest-only period followed by a 20-year fully amortizing period.
  • 15/15 Interest Only Fixed-rate Mortgage - a 30-year fixed-rate mortgage with a 15-year initial interest-only period followed by a 15-year fully amortizing period.

    Conforming Loan Limits
    Number of Units Loan Amount
    1 Unit $417,000
    2 Units $533,850
    3 Units $645,300
    4 Units $801,950


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