Home » Interest-Only Loan Calculator
Interest-Only Loan Calculator
 
Compare how much you will pay with a fully amortized loan versus an interest-only loan.

Compare monthly payments for interest-only loans as opposed to traditional fully amortized loans to see how much you could save. Simply fill in the information below to get started.

Please be aware that actual payments may vary considerably from this estimate based on your actual mortgage product, interest rate, and term. This calculator is meant for estimation purposes only.

Instructions:
  1. Enter the full amount you plan to borrow, or "principal"-this will be the total purchase price of your home minus your down payment.
  2. Enter an interest rate. If aren't sure what rate to enter, you can use the current average rates on the right.
  3. Enter the "loan term," which is the number of years in which you plan to repay the loan. Most mortgage terms are 30 or 15 years, but some lenders offer loan terms of 25 or 40 years.
  4. Click compute. Both types of loan payments will be calculated and your monthly savings with an interest-only loan will automatically be displayed.
Loan Amount Interest Rate (%) Loan Term (in years)
Interest Only Payment Fully Amortized Payment
Monthly Savings with Interest-Only Loan
Get Started Now!