Interest only mortgages are characterized with fixed amount of interest payment for the interest only period. This calculator will show you the monthly payment, total interest, total payment, and the amount you can save by making prepayments. Consequently, you can acceptably compare the interest only mortgage with any prevailing fixed rate mortgage. Take a look at the reports to graphically observe the principal balance, payment schedule, interest only mortgage summary, and prepayment summary.
Your anticipated or actual value of the mortgage.
Term of loan
Term length to pay off the mortgage amount.
Interest only period
Number of years you will pay the interests only. After the interest only period, the monthly payments will increase to recover the so far ignored principal payments and amortize the loan within the agreed term length.
Percentage rate of interest charged annually on the mortgage amount.
The dollar amount paid monthly during the beginning of the amortization. This is the amount of interest only payments.
Overall amount of dollar payable to amortize the loan. ACalculator will assume that you will not make any early payments over the term length.
Total amount of interest paid throughout the repayment period.
How frequently you intend to make prepayments? You can make early payments of principal every month, every year, or once in a lifetime.
Amount of dollar you will give out as prepayment during each prepayment period.
Start with payment
This indicates the payment number with which the repayment will begin. For example, if you enter ‘3’, prepayment will begin with your third regular payment. Again, if you enter ‘0’, prepayment will begin initially before you make any regular payment.
Amount of dollar that can be saved by paying early.