# 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
In
 Monthly Extra Payment \$0.00 84 monthly payments of \$1,416.67 276 monthly payments of \$1,652.17
 Down payment \$0.00 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
pmi
insurance
taxes
hoa
Calculate your mortgage payment using this mortgage payment calculator which includes taxes, insurance, PMI and HOA dues.
interest
only
This free interest only mortgage calculator will show you what your payments will be during an interest only mortgage.
extra
payments
Use this free mortgage calculator with extra payments to determine your potential savings by making extra payments toward your mortgage.

## Definitions

### 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.

The interest-only mortgage is a specific type of mortgage when the first few years only interest is paid, and the body of the debt remains the same. Usually, the period of payment of percents only varies from 3 to 10 years in the US. The interest-only mortgage can be convenient if the borrower can not afford to pay the fully amortized payment for some reasons. For example, this can be helpful for a student who ends his education at a university. Or, such a mortgage can be borrowed by a person expecting a significant inflow of money in the future.