Interest Only Calculator
To calculate interest only mortgage payments, enter the appropriate loan figures in the calculator fields below. You should educate yourself about the benefits and risks of interest only home loans. Monthly savings on interest only loans can be significant.
What is an interest only loan?
Interest only loans come in various forms. The rate can adjust annually or be fixed for a period (usually five, seven or ten years) before becoming variable. The interest-only portion may end after the fixed period, or it may continue for a few more years before principal payments are required. As with other adjustable-rate mortgages, there are typically limits or caps that determine how much your interest rate can rise each year and during the life of the loan.