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Again thank you for all your help and patience it is sincerely appreciated. The interest-only payment option is also not available when it is less than the minimum payment, which occurs in a low-interest rate environment. If you are certain that you will be moving or refinancing within five years, you could consider the 5/25 balloon program, but only if there is a significant monthly savings.
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Appendix c to illustrate how it is used, let us go back to our earlier example. Lower interest rates from balancing the budget will reduce the monthly car payment to $285, a savings of $9 per month. Irs test covering all aspects of taxation.
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