Interest-Only Mortgage Payment Calculator
Find out how much your payment would be on an interest-only mortgage during the interest-only period or use our payment calculators for fixed rate mortgages or adjustable rate mortgages or see the payment schedule for interest-only loans that are past the interest-only period. Make sure that you can afford to make your mortgage payment when the interest-only payment ends even if the interest rate rises.
Interest-Only Payment Calculator - Help
- Interest
- The portion of your mortgage payment that is due to the interest rate being applied to the principal balance. The Total Interest for a mortgage is the sum of all interest paid over the life of a loan.
- Interest Only
- Interest-only mortgages allow borrowers to make interest-only payments for a specific period of time. Required mortgage payments can be significantly lower during the interest-only period since the borrower is not required to pay down the principal balance during that time. However, the borrower is taking on more risk since the balance is not being paid down. Interest-Only Mortgages come in a wide variety of types, including both fixed and adjustable rate mortgages.
- Interest Rate
- The percentage of the principal balance of your mortgage that determines how much interest you must pay. The interest rate on your mortgage may change or remain the same depending on the type of loan you have.
- Loan Amount
- The initial principal balance or your mortgage at closing.
- Principal
- The portion of your mortgage payment that is used to pay down the current balance of your mortgage. The principal balance represents how much you owe on the mortgage.