This Interest-Only Mortgage Calculator will show you what your payments will be during all phases of an interest-only mortgage. First, it will show you what your monthly payments will be during the initial, interest-only phase of the loan, and then, how much your payments will increase during the amortization phase of the mortgage when you begin paying down the loan principle.
You can also use the calculator to determine your interest savings from making additional payments to reduce the mortgage principle. The calculator can also show how those payments will affect the amortization schedule, the monthly payments required during the amortization phase, and the total interest payments over the full term of the mortgage.
Enter the information manually or use the sliding controls to enter your loan amount, loan term, length of the interest-only term and interest rate.