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The interest only ARM calculator will help to determine what the monthly mortgage payments will be for an interest only adjustable rate mortgage. This calculator also calculates what your monthly mortgage payment will be when the interest rate adjust. This calculator also shows what the total amount of your payments will be at the end of the term of the mortgage, as well as the total amount of interest that you will have paid at the end of the term of the mortgage.
An interest only mortgage requires that interest payments are made during a fixed period of time period. Interest only mortgages usually have an interest only payment option during the first 1, 3, 5, 7, or 10 years of the mortgage. For example, a 3/1 interest only ARM has a fixed interest rate for the first 3 years of the mortgage and during the same 3-year period only interest payments are required. Since only an interest payment is due, interest only mortgages usually have a lower monthly mortgage payment than mortgages that require principal and interest payments.