Interest-Only Mortgage Calculator
The Interest-Only Mortgage Calculator helps you estimate your monthly interest payments and the total cost over the interest-only term. Just input your loan amount, interest rate, and loan term to see how much you'll pay each month and in total before principal payments begin.
Frequently Asked Questions
What is an interest-only mortgage?
It’s a loan where you pay only the interest for a set period, without reducing the principal.
What happens after the interest-only term?
You typically start paying both principal and interest, which can significantly increase monthly payments.
Who should consider an interest-only mortgage?
They may be suitable for borrowers expecting higher future income or those who want lower initial payments.
Are interest-only mortgages risky?
Yes, because the full loan amount remains unpaid during the interest-only period, leading to higher costs later.
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