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"Thanks to 800775LOAN.com, I was able to understand the benefit of paying of my old tax lien and consolidate it into a new fixed rate mortgage. I am saving hundreds on wasted interest penalties, reducing my total monthly expenses and investing the difference to help me save for my long term retirement goals. The process was smooth and simple and my loan professional was great! Thank you 800775LOAN.com!"

- Steven S
Satisfied Customer

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Interest Only Mortgage Calculator

Interest Only Mortgage Calculator

Interest Only Mortgage Calculator

Use this calculator to generate an amortization schedule for an interest only mortgage. Quickly see how much interest you will pay and your principal balances. You can even determine the impact of any principal prepayments! Press the "View Report" button for a full yearly or monthly amortization schedule.

Interest Only Mortgage Calculator
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Definitions

Mortgage amount

Original or expected balance for your mortgage.

Term of loan

The total number of years over which you will make payments on this mortgage. This calculator assumes that after any interest only period has expired, the monthly payment will increase so that the remaining balance will be amortized over the remaining years of the loan. This will result in the mortgage balance being paid in full at the end of the loan term.

Interest only period

The number of years this loan requires interest only payments. At the end of this period, the loan payment will increase so that the remaining balance will be amortized over the remaining years of the loan.

Interest rate

Annual interest rate for this mortgage.

Monthly payment

This is the initial monthly payment. This payment includes only the interest on the loan balance.

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 assumed to happen before the first payment of the loan.

Savings

Total amount of interest you will save by prepaying your mortgage.

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