Sentences with phrase «total change over the life of the loan»
The 3 characteristics of the mortgage include: frequency of the interest rate change, periodic change in interest rate, and the total change over the life of the loan, which is sometimes called the «life cap».
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When your personal loan's interest rate changes, it will affect both the size of your monthly payment and the total amount you'll pay over the life of the loan.
Traditional equity loans come with fixed rates that do not change over the life of the loan, so you can expect the same cost for principal and interest each month, though changes in taxes may affect the total monthly payment.