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Interest Only Calculator

This calculator will help you determine your mortgage payments on a loan with an interest-only option.


input
Loan Amount $
Loan Length years
Interest Rate %
 

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Calculator Help

This calculator calculates the monthly mortgage payment for a loan with "interest only" option for a given loan amount, interest rate and loan length.

The results page will show the monthly mortgage payment which includes only interest [?]. It will also show you the fully amortized payment [?] and your monthly savings.

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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