Interest-Only Loans

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15/30 Year15/30 year interest-only loans  10/30 Year10/30 year interest-only loans  10 Year10 year interest-only loans  7 Year7 year interest-only loans  5 Year5 year interest-only loans  3 Year3 year interest-only loans  6 Month6 month interest-only loans  Interest-Only Ratesinterest-only rates
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Interest-Only Loans

 refinance mortgage rates
**Click Here For Home Purchase Interest Only Loansinterest only loans
Interest only refinance loans allow you to pay only the interest portion of your mortgage, which often results in a mortgage payment 35% lower than your current payment at the same interest rate. Most lenders require the highest credit scores to offer interest only refinance loans, but we have loans available to less than prefect borrowers. Often the interest rate for interest only loans are the same as a regular mortgage, and you can reduce your monthly mortgage payment up to 35%. Select any of our interest only refinance loan types for more information and rates: 15/30 Year Interest Only Loans15/30 year interest only loans  10/30 year interest only loans10/30 year interest only loans  10 Year Interest Only Loans10 year interest only loans  7 Year Interest Only Loans7 year interest only loans  5 Year Interest Only Loans5 year interest only loans  3 Year Interest Only Loans3 year interest only loans  6 Month Interest Only Loans6 month interest only loans  Interest-Only Ratesinterest-only rates
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Interest-Only Loans
Lowest rates from over 50 lenders displayed:
Current Rates
Loan Name Rate Pts APR* As of
IO Year 7 5.375% 2.9 5.63% 2007-09-19
IO Year 10 5.5% 2.9 5.76% 2007-09-19
IO Year 15/30 5.62% 2.0 5.87% 2007-09-19
IO Year 10/30 5.5% 2.0 5.76% 2007-09-19
IO Year 5 5.25% 2.5 5.5% 2007-09-19
IO Year 3 5.375% 2.5 5.64% 2007-09-19
Stated IO Year 10 6.0% 2.75 6.25% 2007-09-19
Stated IO Year 10/30 5.75% 2.0 6.01% 2007-09-19
Stated IO Year 15/30 5.75% 3.0 6.0% 2007-09-19
Stated IO Year 3 5.25% 3.0 5.51% 2007-09-19
Stated IO Year 5 5.5% 3.0 5.75% 2007-09-19
Stated IO Year 7 4.87% 3.0 5.13% 2007-09-19
Jumbo IO Year 10/30 6.75% 2.0 7.01% 2007-09-19
Jumbo IO Year 5 6.5% 2.0 6.75% 2007-09-19
Jumbo IO Year 7 6.625% 2.0 6.89% 2007-09-19
All of our current Interest-Only Ratesinterest only rates
Use our Interest-Only Mortgage Calculatorinterest only mortgage calculator

Two loans that are popular are: 3 Year Interest-Only Refinancing Loans and 10/30 Year Interest-Only Refinancing Loans.

3 Year Interest-Only Loans3 year interest only loans are popular because they allow you to fix the rate for the first three years of the mortgage, and it's interest only feature means that your overall monthly payment can drop to 50% of your current mortgage payment if you are on a 30 year fixed mortgage payment. Interest rates are incredibly low, often times in the 3% range, and there are caps on these loans so the interest rate can only increase up to a maximum of 5% or 6% above the starting rate. The 3 Year interest only refinancing loans are great loans for the borrower looking to minimize the monthly payment while still securing a fixed rate on your interest and not risking negative amortization. Also, the 3 Year interest only refinancing loans typically come without a prepayment penalty so you can refinance later if you think it's rates are rising too quickly.

10/30 Year Interest-Only Loans10/30 year interest only loans are popular for borrowers looking for fixed payments for 30 years, but who want a interest only feature on their loans so that their overall payment will decrease. With the 10/30 year interest only mortgage loans, the first 10 years of the mortgage are interest only, and last 20 are principal and interest so you end up paying off the entire mortgage in 30 years. This program provides low monthly payments, and maximum stability. Some borrowers are eligible for no closing cost loans, which means you get lower monthly payments with no upfront costs. Note that 10/30 year interest only loans typically carries a slightly higher rate than the regular 30 year fixed, but it's monthly payments are still as much as 35% lower.

Here's an example: Let's say you still owe $100,000 on your mortgage and your interest rate is 6.5%. Your monthly payment is $745, not including any taxes or insurance. Then, if you refinanced and got a rate of 5.875% on a 10/30 year interest only loans, your new monthly payment would be $489.00 for the first 10 years, and $709 for the last 20 years, presuming you did not make any extra payments during the first 10 years. We typically recommend that borrowers make extra monthly payments on the 10/30 year interest only loans when and if they can afford to. When an extra payment is made, it goes towards building equity and reducing the principal balance on your mortgage and when you lower your principal balance, you also reduce the monthly interest that you are paying during the interest only period, so your payment actually goes down. As you can see in this scenario, it's possible for a borrower to save up to 35% on your monthly payment using the 10/30 year interest only loans.

All of our current Interest-Only Ratesinterest only rates


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