If you’ve borrowed $1 million at 3%, with repayment of 25 years, you’ll be paying that 3% over the life of the mortgage. In case you borrow $10,000 and repay it inside two years at 10% interest, while the curiosity fee is higher, it's possible you'll pay less interest overall since it’s a a lot shorter term.

Whereas the identical covenant-lite mortgage doc could embody a revolver that has the advantage of a maintenance financial covenant (which could also be "springing" - i.e., solely apply if a big portion of the revolver dedication is used) and a Term Mortgage B, this upkeep covenant will probably be structured to guard only the revolver. When the upkeep covenant is tripped, the default is barely a default in respect of the revolver; the Time period Mortgage B is commonly solely tripped by "cross-acceleration" if the revolver is declared due and payable.

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