Mortgage amount
Down payment
Mortgage term
Interest only period
Interest rate
calculate

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
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.

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.

Check out this Wikipedia page if you want more information about an interest-mortgage.

However, this type of mortgage contains potential risks - sometimes fully amortized payment can be an excessive payment after a few years when the interest-only period is over. Our interest only calculator will help you to accurately estimate the payment both periods: during the interest-only period and when you have to pay the whole payment. Use this mortgage calculator and fully amortized payment will not be a surprise for you.

Also, you may find interesting how actually mortgage calculator works and what formulas we use to calculate the payment.