Question

How are a 30-year fixed rate mortgage and a 30/5 balloon mortgage the same? How are they different?

Answer 1

its a short answer response, not a number

Answer 2

a fixed mortagage is amortized for the duration of the period ... its paid off in 30 years

a balloon mortage uses the same payments as the fixed one, but after the 5 years it up you have to pay off the remaining balance

Answer 3

ahhhhh, thank you sir, its common sense

Answer 4

youre welcome