The Minimum Payment is the lowest payment option your loan will have, and is the minimum amount you will be required to pay each month. the Minimum Payment due during the first twelve months of the loan will be calculated as a full principal and interst payment at the introductory rate that applies for the first month of the loan, based on your original loan balance and the term of the loan - thirty years.
The All Interest Payment option consists of all the interest accrued at the current interest rate. It will be offered when the accrued interest exceeds the Miniumum Payment, and it will not be offered when the accrued interest is less than the Minimum Payment. Paying this amount will result in no Deferred Interest, but will also not result in any decrease in the Unpaid Principal Balance.
The 30-Year Payment option is a traditional full principal and interest Payment calculated at the current interest rate over the remainder of the original 30-year loan term. Like the All Interest Payment option, the 30-Year Full Payment will be offered only if it is higher than the Minimum Payment. Choosing the 30-year full Payment will pay all accrued interest for that month as well as pay down your Unpaid Principal Balance.
The 15-Year Full Payment option is a traditional full principal and interest payment calculated at the current interest rate assuming a 15-year original loan term. Like the All Interest Payment and 30-Year Full Payment options, the 15-Year Full Payment will be offered only if it is higher than the Minimum Payment. Choosing the 15-Year Full Payment will pay all accrued interest for that month as well as pay down an accelerated amount of your Unpaid Principal Balance. This payment option will not be offered after the 15th loan year.
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