[quote=spdrun]I didn’t read this as a 5-yr amortization period. I read it as a loan with a 30-yr amortization period (or perhaps interest only) where the rate resets after five years.
In the 30-yr case, I’m getting $1879/mo through the end of the 5-yr period.[/quote]
It says it’s a 5 year loan right in the first paragraph.
[quote]
We own a good house in a desirable part of San Diego, purchased for about 700K, now worth about 1100K. The mortgage of 500K is five year fixed at 2.125%, since I refinanced 1.5 years ago when rates were lowest.
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