meaning if my balance is $500,000 and i defer $2500, am i now paying interest charges for $502,500?On defered interest mortgage loans, is the defered interest just added or does it gain interest to?
The interest is being compounded against you. You are now being chased by the snowball of compounding interest. You need to make these payments.On defered interest mortgage loans, is the defered interest just added or does it gain interest to?
The deferred interest is added to the principal amount owed. Then you are charged interest on the new principal amount.
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