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Interest Only Calculator
Calculate interest only mortgage payments by inserting the appropriate loan
values in the calculator fields below. The monthly savings on interest only
loans may be significant compared to traditional fixed rate mortgages so you owe
it to yourself to learn more about the benefits & risks of interest only home
loan programs.
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What is an Interest only loan?
An Interest-Only loan is a home loan program where you have an option to make
"interest-only" payments for a defined period of the loan. The term
"interest-only" does not mean not mean a consumer will never have to repay the
principal amount of the loan. Usually there is a term in which you will pay only
interest. After that term, you would then have to pay both interest and
principle. Interest only loans generally use a variable interest rate.
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