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Loan rates can go up as well as down.

Notes:

1. The above figures assume an annual reset type mortgage which recalculates mortgage payments once a year.  As such they may slightly overstate the monthly payments for more flexible mortgages, offering monthly or even daily recalculation of payments.
2. A repayment mortgage is one where mortgage payments cover both interest costs and repayment of the original loan, so that the mortgage amount decreases over time.  An interest only mortgage is one where mortgage payments only cover interest costs.  With interest only loans, the mortgage amount does not automatically decrease over time.