You are considering to buy a $250,000 property with a 80% LTV ratio and have two mortgage choices: a FRM or a FRM with an IO period. The lender offers the following two loans:

Loan 1:30 year FRM, fully amortizing monthly payments; 4% interest

Loan 2:30 year FRM with 4 year IO period, fully amortizing monthly payments; 4.15% interest

Put a yes next to all the true statements:

If I want to save on interest payments,I would choose Loan 2

If I want to minimize the payments in the first few years,I would choose Loan 2

If I'd like to pay off the loan sooner,I'd choose Loan 1

If I want my payments to remain the same for the duration of the loan,I would pick Loan 1