Interest Only Calculator
This calculator will help you determine your mortgage payments on a loan with an interest-only option.
This calculator calculates the monthly mortgage payment for a loan with "interest only" option for a given loan amount, interest rate and loan length.
Typically, if your loan-to-value (LTV) [?] is more than 80%, the lenders will require that you obtain private mortgage insurance (PMI) [?], however this calculator does not account for PMI. The reason is that today many lenders offer alternatives programs like 80:10:10 [?] or 80:20 [?] which do not require you to pay PMI.
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