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Actually, this leaves you with two big drawbacks: 1) After 5 years of interest only payments, you have absolutely zero equity in your house. To put this in plain English, after 5 years, how much of your house is actually yours? Absolutely nothing. 2) After you have enjoyed 5 years of "saving" $12,295.80, you make up for this for the next 25 years with a monthly payment that is now $103.69 higher ($1,766.95 minus $1,663.26) than the standard payment.
To sum up, in this case, the interest only mortgage costs $18,811.20 more ($617,584.80 minus $598,773.60) than the standard mortgage. 
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