If your loan ($124 per year for 20 years starting three years from now) had the same yield to maturity as a normal fixed-payment loan with payments of $124 per year for 20 years, then the present value of each $124 payment on your loan would be \ \ less than\ equal to\ greater than\ the present value of each corresponding $124 payment on the normal fixed-payment loan, and therefore today's value of your loan would be \ \ equal to\ less than\ greater than\ today's value of the normal fixed-payment loan. For today's value of your loan to be the same as today's value of the normal fixed-payment loan, the present values of your yearly payments must \ \ decrease.\ increase.\ For that to happen, the yield to maturity on your loan must \ \ increase,\ decrease,\ since yield to maturity is \ \ added to\ in the numerators of\ in the denominators of\ subtracted from\ the present values of your payments.