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Interest Only


Interest only loan programs provide the same features as fixed and variable rate programs, and they additionally offer a lower payment option. With an interest only loan payment option, you pay only the interest portion of the payment but no principal.

Loan Program Advantages Disadvantages
Interest Only Programs
  • Several payment options
  • Lower monthly payments
  • Qualify for a higher loan amount
  • Qualify at the interest only payment
  • Option to pay the full principal and interest payment
  • Interest only payments for up to ten years
  • Higher rates
  • Principal loan balance will not decrease during the interest only payment period
  • Payment will be higher for the remaining term

An interest only loan can be more expensive compared to a fully amortized loan. Many lenders add a fee of one-quarter point for the interest only option.

Interest only payment options allow you to qualify at the starting interest only payment. This gives you more buying power and a lower monthly payment compared to an amortized loan.

You pay interest based on your principal balance. On an interest only loan, your principal balance does not decrease, therefore, you pay more interest with this option.



Texas Mortgage Company - 6860 North Dallas Parkway, Suite 200 - Plano, TX 75024
Office Phone: 972)867-0056 ext. 234 Fax: (214) 227-3888 Toll Free Phone: (877) 690-2200 ext. 234
Email: steven@texasmortgage.com
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We lend in the following states: Texas -TMBL 241 - NMLS 273767

15 year simple fixed rate loan with 20% down payment required on a $100,000 value - effective 10/24/04 - offer may terminate at any time without notice - rate and annual percentage rate (APR) calculated on a 365 day year with typical/normal closing costs - Rates/APRs subject to change with changes in closing costs - properties and applicants must qualify - other restrictions may apply. 
  Interest Rate, Points and Programs cannot be guaranteed and are subject to change without notice.

This is not an advertisement for credit as defined by paragraph 226.24 of regulation Z.  

All interest rates are subject to DU/LP Findings and adjustments. 

Interest Rates Are For Purchase Only

Refinance Interest Rates Are Higher - Please Call Or Email For Quote

The maximum loan amount for a conforming loan is $417,000 and the Jumbo loan starts at $417,000 to $650,000. Interest Rates and APR's are based on loan amounts of $350,000 >cs740 for Conforming and $600,000 cs>740 for Jumbo loans and $180,000 cs>680 for VA loans. Points/Fees/Rates may vary for different loan amounts. TEXAS CASH-OUT has additional adjustments based on loan amount.



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