10 year interest only mortgage calculator

10 year interest only mortgage calculator

This free mortgage calculator can help you calculate monthly and annual principal and interest payment of a fixed-rate mortgage loan, given loan amount, annual interest rate, and the length of loan in years.

Mortgage payment calculator is used in financial analysis of real estate transactions. The vast majority of real estate transactions use mortgage financing, that is, to borrow fund from a financial institution and use the property as collateral. The calculation of monthly mortgage repayment is one important step in real estate financial analysis. This mortgage calculator is designed to make your mortgage payment calculation quicker and easier. It is available 24x7 on the internet.

15-year and 30-year fixed-rate mortgage loans are two popular home mortgage financing options on the market. 15-year mortgage loan requires higher monthly payment and allows the borrower to pay off the loan in shorter period of time. 30-year mortgage loan, on the other hand, has lower monthly payment. It takes the borrower much longer time to pay off the loan. Over the life of the loan, the total interest paid on a 15-year loan is much lower than the interest paid on a 30-year loan of the same size.

10 year interest only mortgage calculator

"Interest Only" Loan Calculator

On August, 2012, this calculator was extensively re-written.

For those who wish to see the "old version", please click here.

An "interest only loan" allows a person to pay a lower monthly payment at the beginning of the loan in order to save money (or to anticipate a larger salary) so that a higher monthly payment is more affordable later in the loan.

Scroll down for an example.

After clicking "CALCULATE", we see that the standard mortgage payment is $1,663.26 per month and the "interest only" monthly payment is $1,458.33 which is $204.93 lower.

After 5 years, the standard mortgage payment total is $99,795.60 and the 5 year "interest only" payment total is $87,499.80, saving us $12,295.80 when using the interest only mortgage.

But is this savings worth it?

1) After 5 years of interest only payments, you have absolutely zero equity in your house. To put this in plain English, after 5 years, how much of your house is actually yours?

2) After you have enjoyed 5 years of "saving" $12,295.80, you make up for this for the next 25 years with a monthly payment that is now $103.69 higher ($1,766.95 minus $1,663.26) than the standard payment.

To sum up, in this case, the interest only mortgage costs $18,811.20 more ($617,584.80 minus $598,773.60) than the standard mortgage.

That $18,811.20 is the price you pay for the five years of lower mortgage payments.

This higher 30 year total is something to consider if you are thinking of getting an interest only mortgage.

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Interest Only Mortgage Calculator

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KJE Computer Solutions, Inc.'s 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 regards 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. More Information

Interest only mortgage calculator searching

  • 1.Interest Only Mortgage Calculator Home Loan Mortgages .

Description: Mortgage Calculator. Interest-only loan payment calculator. The rates on interest-only loans can change as often as every month, or may be fixed for a 10-year period. Check to see when and how often your interest-only rate can change. Recalculate your interest-only payment before your next scheduled rate adjustment.

Description: 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.

Description: Interest-Only Mortgage Calculator. This tool helps buyers calculate current interest-only payments, but most interest-only loans are adjustable rate mortgages (ARMs).

Description: This Interest-Only Mortgage Calculator will show you what your payments will be during all phases of an interest-only mortgage.

Description: Calculate monthly mortgage payments on your home for interest only period and principal plus interest period. Create a mortgage amortization schedule for your .

Description: Looking for an accurate interest only loan calculator? Use this calculator to determine payments on an interest only mortgage.

Description: There are many loans available that give you the option of paying interest only for the first few years of the loan. See how much this type of loan could save you on .

Description: Interest Only Loan/Mortgage Definition : An Fixed Rate interest only mortgage/loan is a loan in which for a set term the borrower pays only the interest on the .

Description: Our interest-only mortgage calculator works out how much the repayments on an interest-only mortgage will and the the total cost of an interest-only loan. Visit ASIC .

Description: This interest only loan calculator figures your monthly payment amount for any interest only loan. Just two simple inputs makes the math easy for you.

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Interest-Only Mortgage Payments Calculator

An interest-only mortgage typically has a fixed rate and fixed monthly payments for an initial period — say, the first 10 years. These initial payments pay down only the interest on the loan, not the principal. At the end of the initial period, the rate changes from fixed to adjustable, and the monthly payments increase, becoming payments toward principal and interest for the remaining loan term.

This calculator helps you compare the payments during the interest-only period to the payments on a fully amortizing mortgage.

Now that you understand the difference in payments, learn more about how to choose the best mortgage.

Get preapproved for a mortgage

Determine how much house you can afford

Calculate your monthly mortgage payment

I get a new mortgage costing:

10 year interest only mortgage calculator

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