Getting an Interest-Only Mortgage can be an extremely useful and affordable means of purchasing a property, particularly for first-time buyers. Having the ability to get your foot on the property ladder, while keeping mortgage repayments low, allows you vital time to make long-term preparations.
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.