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Interest Rate Differential (IRD)

QUESTION: Two years ago, Bob and Mary borrowed $152,135 amortized for 27 years, and signed a five year term at an interest rate of 11%.

Now, two years later, the three year term interest rates are 7%. Bob and Mary would like to pay 7% interest for the remaining 3 years of monthly payments, instead of 11%. The Lender asked them for a $15,440 interest rate differential (IRD) payment along with their 24th monthly payment if they wanted the interest rate lowered to 7% for the remaining 3 years. How can Bob and Mary make an informed decision about paying the $15,440?

Click HERE for the Simple Answer

Click HERE for the Detailed Answer



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