Simple Interest Mortgage consists of daily calculation of borrower's interest rate, on the basis of principal balance at the time of last payment. Computation of interest rate is made on the unpaid principal balance as opposed to the compounded interest.
Facts about Simple Interest Mortgage:
As simple interest mortgage supports beforehand and regular mortgage payments, which are not credited on the due date, there will be a gradual reduction in the interest rates charged from the borrower. But if the borrower fails in making mortgage payments when they are due, he/she is required to pay very high rates of interest on the amount due. A borrower is also subjected to a penalty for every day they are late.
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