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Updated about 8 years ago on . Most recent reply

Interest Only Loan vs. P&I
I'm about to close on our 1st property using a HELOC. We have no other debt and plan on financing 100% of the purchase. Should I use interest only or P&I? Is this a sound strategy?
Details
Purchase price: $105K
Interest rate: 3%
Closing costs: $0
Length of loan: 7% for 10 yrs, then converts to 20 yrs fixed