Recent Calculations
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.
Original or expected balance for your mortgage.
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.
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.
Annual interest rate for this loan.
This is the initial monthly payment. This payment includes only the interest on the loan balance.
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 of all interest paid over the full term of the loan. This total interest amount assumes that there are no prepayments of principal.
The frequency of prepayment. The options are none, monthly, yearly and one-time payment.
Amount that will be prepaid on your loan. This amount will be applied to the loan principal balance, based on the prepayment type.
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.
Total amount of interest you will save by prepaying your loan.