| Calculators >> Interest
Only Mortgage Calculator
Use this calculator to generate an amortization schedule
for an interest only mortgage. Quickly see how much interest
you will pay and your principal balances. You can even
determine the impact of any principal prepayments! Press
the "View Report" button for a full yearly or monthly amortization
schedule.
Definitions
- Mortgage amount
- Original or expected balance for your mortgage.
- Interest rate
- Annual interest rate
for this mortgage.
- Term
in years
- The
number of
years over
which you
will make
payments
on this interest
only mortgage.
This calculator
assumes that
a balloon
payment will
be due at
the end of
your loan
term for
the outstanding
principal
balance.
- Monthly
payment
- Monthly
interest
payment.
- Total
payments
- Total
of
all
monthly
payments
over
the
full
term
of
the
mortgage.
This
total
payment
amount
assumes
that
there
are
no
prepayments
of
principal.
- Total
interest
- Total
of
all
interest
paid
over
the
full
term
of
the
mortgage.
This
total
interest
amount
assumes
that
there
are
no
prepayments
of
principal.
- Prepayment
type
- The
frequency
of
prepayment.
The
options
are:
none,
monthly,
yearly,
and
one-time
payment.
- Prepayment
amount
- Amount
that
will
be
prepaid
on
your
mortgage.
This
amount
will
be
applied
to
the
mortgage
principal
balance,
based
on
the
prepayment
type.
- Start
with
payment
- This
is
the
payment
number
that
your
prepayments
will
begin
with.
For
a
one
time
payment,
this
is
the
payment
number
that
the
single
prepayment
will
be
included
in.
All
prepayments
of
principal
are
assumed
to
be
received
by
your
lender
in
time
to
be
included
in
the
following
month's
interest
calculation.
If
you
choose
to
prepay
with
a
one-time
payment
for
payment
number
ZERO,
the
prepayment
is
assume
to
happen
before
the
first
payment
of
the
loan.
- Savings
- Total
amount
of
interest
you
will
save
by
prepaying
your
mortgage.
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Information and
interactive calculators are made available to you as self-help
tools for your independent use and are not intended to provide
investment advice. We can not and do not guarantee their
applicability or accuracy in regards to your individual circumstances.
All examples are hypothetical and are for illustrative purposes.
We encourage you to seek personalized advice from qualified
professionals regarding all personal finance issues.
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