Monthly Payment Calculator – Interest – Tweet; Monthly payment requirements can vary, depending on whether you have a fixed loan or a line of credit that allows much smaller payments. Many lines of credit permit payments equal to one percent or two percent of the balance, and some require that only the interest be paid each month.
5 Yr Mortgage Rates 5-Year Variable Mortgage Rates – RateHub.ca – Term: Term The mortgage term is the amount of time a home buyer commits to the rules, conditions and interest rate agreed upon with the lender. The term can be anywhere from six months to 10 years, with a 5-year mortgage term being the most common duration.
Should You Choose a Fixed or Variable-Rate Loan? – or five years, or even longer. After that period of time when the fixed rate expires, your loan’s interest rate can adjust. The specific amount of time your initial interest rate is locked in will.