INTEREST ONLY LOAN CALCULATOR PLUS

With an an interest only mortgage you pay only interest and no principal during the first three, five, seven or ten years of the loan, which is called the interest only period, and then loan converts into an amortizing mortgage and you pay both principal and interest for the remainder of the mortgage, which is called the adjustable rate period because your interest rate is subject to change. You can also understand the total interest expense for an interest only loan based on applying the current fully-indexed rate for the remainder of the mortgage. The fully-indexed rate changes over time but this scenario allows you to evaluate what your payment may be when the mortgage begins to amortize. Our calculator shows you the current fully-indexed rate and monthly payment based on the information you inputted. For example, if the index is 3.000% and the margin is 2.500%, then the fully-indexed rate used to calculate your payment is 5.500%. The rate during this phase of an interest only mortgage is called the fully-indexed rate and is calculated by adding the index to the margin. During this phase of the loan your interest rate is also subject to adjust on an annual or semi-annual basis, depending on your mortgage terms. Following the interest only period, your mortgage amortizes which means you are required to pay both principal and interest. So you can think of a loan as an annuity you pay to a lending institution.The lenders whose rates and other terms appear on this chart are ICBs advertising partners they provide their rate information to our data partner RateUpdatecom Unless adjusted by the consumer advertisers are sorted by APR lowest to highest For any advertising partners that do not provide their rate they are listed in advertisement display units at the bottom of the chart Advertising partners may not pay to improve the frequency priority or prominence of their display The interest rates annual percentage rates and other terms advertised here are estimates provided by those advertising partners based on the information you entered above and do not bind any lender Monthly payment amounts stated do not include amounts for taxes and insurance premiums The actual payment obligation will be greater if taxes and insurance are included Although our data partner RateUpdatecom collects the information from the financial institutions themselves the accuracy of the data cannot be guaranteed Rates may change without notice and can change intraday Some of the information contained in the rate tables including but not limited to special marketing notes is provided directly by the lenders Please verify the rates and offers before applying for a loan with the financial institution themselves No rate is binding until locked by a lender

INTEREST ONLY LOAN CALCULATOR PLUS

When you take out a loan, you must pay back the loan plus interest by making regular payments to the bank. For additional compounding options use our Compounding This calculator assumes interest compounding occurs monthly as with payments. Monthly Payment The amount to be paid toward the loan at each monthly payment due date. Number of Months The number of payments required to repay the loan. Interest Rate The annual nominal interest rate, or stated rate of the loan. Loan Amount The original principal on a new loan or principal remaining on an existing loan. You can also create and print a loan amortization schedule to see how your monthly payment will pay-off the loan principal plus interest over the course of the loan. Find your ideal payment by changing loan amount, interest rate and term and seeing the effect on payment amount. Use this loan calculator to determine your monthly payment, interest rate, number of months or principal amount on a loan.

Interest only loan calculator