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« Getting The Best Mortgage For Your California Home
Types of Mortgage - Repayment »

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Types of Mortgage - Interest Only
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By Mike Mansell

There are two types of mortgages. The first and most popular, is the Repayment Mortgage where you pay off the capital (the amount of money loaned) and the interest every month as part of your mortgage payment. The other type is the Interest Only Mortgage where you only pay off the interest on your mortgage every month.

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What this means, is that if you take out an Interest only Mortgage, once the term of the loan is over, you will have paid off all the interest, but you must find the capital i.e. the price of the house.

For example, if you bought a house for

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