# Interest Only Mortgage Calculator (Canadian)

ACalculator is ready to take the challenge of constructing and proposing the best mortgage plan suitable for you. Using mortgage amount, amortization period, prepayments, payment type, and anticipated interest rate, this calculator find out mortgage payment, savings, total payments and total interest. The integrated reports will graphically illustrate the total payments, principal balance, and periodic payment schedules.
Mortgage amount
The appraised value of the mortgage.
Interest rate
Interest rate for this mortgage per annum.
Amortization period
The term length to pay off the mortgage loan. There are two options in this calculator for amortization. Both the options have a repayment period of 25 years. From these 25 years, the first 5 years are interest only period in case of 5/20 interest only option but has a 10 years of interest only period in case of 10/15 interest only option.
Mortgage payment
Total amount of interest and principal payable per period on the mortgage.
Payment type
The frequency of payments in one year to pay off the loan fully. You must select the appropriate one from weekly (exactly 52 payments), accelerated weekly (assuming 4 weeks in a month but 1 additional payments in year), bi-weekly (exactly 26 payments), accelerated bi-weekly (assuming 26 bi-weekly payments and 1 additional monthly equivalent payment), monthly (exactly 12 payments), and semi-monthly (exactly 6 payments). This is the frequency of payments to completely repay the loan amount.The bi-weekly calculation considers your weekly calculation by considering 52 weeks in a year or 26 payments. The bi-weekly payment is calculated in an accelerated way by equally dividing your monthly payment by two. So, your normal yearly (12 months) payment is converted to 24 payments. At the end, you pay 2 additional bi-weekly payments which are equal to one additional monthly payment. Essentially, these last two extra payments are the reason your term length are reduced.
Total payments
Assuming you will not make prepayments, this is the total monthly payments made on this mortgage loan.
Total interest
Assuming no prepayment, total interest is the interest amount paid on the loan.
Prepayment type
Input the frequency of prepayments by simply selecting the apposite option from the list which include none, weekly, bi-weekly, monthly, semi-monthly, yearly and one-time payment.
Prepayment amount
Total prepayments that will be made on the mortgage loan. Depending on your selected prepayment type, this amount will be adjusted with the principal balance of the mortgage.