Mortgage calculator, an in-depth look, an in-depth exploration
Right now, fixed rate loans are at rock bottom lows, and are definitely your best bet. * Amortizing vs. non amortizing loans: An amortizing loan is repaid slowly over the course of the loan, with payments that cover both the accrued interest and part of the principal. By contrast, non amortizing loan payments cover only the interest, and may not cover the entirety of the accrued interest. Toward or at the end of the term of a non amortizing loan, the size of the monthly payments jumps dramatically, and the homeowner pays off the rest of the loan at an accelerated pace.