Interest Only Mortgage Calculator

Mortgage amount
Down payment
Mortgage term
Interest only period
Interest rate

Add extra payments:

Find out how making extra payments can help you pay off your house quicker.

To monthly mortgage payment
Extra yearly mortgage payment
Occurring every
One-time mortgage payment
Monthly Extra Payment $0.00
84 monthly payments of $1,416.67
276 monthly payments of $1,652.17
Down payment $0
Extra payments $0.00
Total principal paid $200,000.00
Total interest paid $374,999.77
Total of all payments $574,999.77
Start Date
Estimated Payoff Date

Amortization Schedule

Payment Date Payment Principal Interest Total Interest Balance
Calculate your mortgage payment using this mortgage payment calculator which includes taxes, insurance, PMI and HOA dues.
This free interest only mortgage calculator will show you what your payments will be during an interest only mortgage.
Use this free mortgage calculator with extra payments to determine your potential savings by making extra payments toward your mortgage.


Mortgage amount

Original balance for your mortgage.

Interest Rate

Current annual average mortgage rate. Your real annual rate may be different and depends on credit score and down payment.

Interest only period

During the interest only period your payments cover only the interest owing but your payments will not reduce the principal amount borrowed.

About Interest Only Mortgage Calculator

This interest only mortgage calculator lets you specify the length of the interest only period. It will show the amount of the interest only payment and the the total cost of a loan.

Do You Know the Pros and Cons of a Interest Only Mortgage?

Has any lender ever told you the Interest Only Mortgage was like a double-edged sword? It can help you achieve your dream of owning a home more easily, but it also can create a financial hardship for those who don’t fully understand what’s involved.

Interest Only Mortgage has become more popular to new homebuyers for the following reasons:

  • Since the monthly payment is low, the savings can be used for personal spending, paying off higher interest debts, buying furniture for the new house, or even investing.
  • The interest paid to the Interest Only Mortgage is still eligible for tax write-off at the end of the year.
  • Some Interest Only Mortgages allow you to make a principal payment during the interest only period. This helps reduce your balance the following month which lowers your payment further.

However, Interest Only Mortgage is not for everyone:

  • Beware a potential prepayment penalty for the first 1-3 years imposed by some lenders.
  • You have to play the “catch up game” once you begin to pay the principal. The amount is much more since you didn’t pay during the interest only payment years.
  • Think twice before committing to an Interest Only Mortgage if it’s the only way for you to afford a house.