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.

By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.

Interest Only Payment is $1,895.83

*indicates required.

Loan information:

Mortgage amount:*This entry is required.Enter an amount between $0 and $250,000,000

Term in years:*This entry is required.

Interest only period:*This entry is required.

Interest rate:*This entry is required.Enter an amount between 0% and 50%

Monthly payment:

$1,895.83

Report amortization:

Report amortization

Annually

Monthly

Prepayments:
none

Total Payments $834,544.84 Stacked Column Graph: Please use the calculator's report to see detailed calculation results in tabular form.

Total Payments $834,544.84
Total Interest $484,544.84

Term 30 years Column Graph: Please use the calculator's report to see detailed calculation results in tabular form.

Term 30 years
Principal Balances by Year

Definitions

Mortgage amount

Original or expected balance for your mortgage.

Term of loan

The total number of years over which you will make payments. 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 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 loan.

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 loan. 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 loan. 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 loan. This amount will be applied to the loan 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 loan.

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