1304.01
During the Fixed Rate Term
Requirements
The monthly installments of P&IP&IPrincipal and interest must equal the amount needed to repay the UPBUPBUnpaid Principal Balance
- in substantially equal payments over the amortization term at the fixed rate, and
- based on a 30/360 interest accrual method.
To calculate loan payments at the end of an interest only period, refer to the Loan DocumentsLoan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. .