Interest Only Mortgage Calculator

Definitions

Mortgage amount Original or expected balance for your mortgage. Interest rate Annual interest rate for this mortgage. Term in years The number of years over which you will make payments on this interest only mortgage. This calculator assumes that a balloon payment will be due at the end of your loan term for the outstanding principal balance. Monthly payment Monthly interest payment. Total payments Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal. Total interest Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal. Prepayment type The frequency of prepayment. The options are: none, monthly, yearly, and one-time payment. Prepayment amount Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type. Start with payment This is the payment number that your prepayments will begin with. For a one time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation. If you choose to prepay with a one-time payment for payment number ZERO, the prepayment is assume to happen before the first payment of the loan. Savings Total amount of interest you will save by prepaying your mortgage.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.