Mortgage

Interest-only mortgage calculator

Calculate your mortgage payment and more

Use this interest-only mortgage calculator to generate an amortization schedule for an interest-only mortgage. Quickly see how much interest will be paid and the principal balances. Determine the affect of any principal prepayments. Press the "View Report" button for a full yearly or monthly amortization schedule.

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Mortgage

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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.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

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30 yr fixed average
3.77%

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Mortgage Overnight Averages

Product	Rate	+/-	Last week
30 yr fixed mtg	3.77%		3.60%
15 yr fixed mtg	2.88%		2.74%
5/1 ARM	2.66%		2.54%
30 yr fixed mtg refi	3.76%		3.58%

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